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G. Chandrashekhar

MUMBAI: International commodity markets generally showed a positive reaction to the long awaited yuan revaluation.

Sugar was among the biggest gainers, up 3.6 per cent from the previous day's close. Price gain in gold was somewhat disappointing in the light of a stronger yen and euro against the dollar, although gold prices have continued higher. A series of explosions in London's transport network too boosted the yellow metal. The metal eventually closed at $425.40 an ounce.

In the early trade today, gold prices continued to diverge from the recent support level of $420/oz in line with a strong euro, trading at around $426.4/oz and looking to test higher at $427-428. The Shanghai Gold Exchange's most active contract was down 1.12 yuan at 111.78 yuan as investors traded on speculation that the yuan could rise further.

Tokyo gold futures fell as the yen rose against the dollar, with key TOCOM June contract falling 10 yen per gram at 1,525 yen.

Silver rose in line with gold on Friday, hitting an intra-day high of $7.17/oz, but failed to gather much momentum to push higher, closing modestly stronger at $7.11/oz. Trading interest appeared subdued in the early trades today with prices stuck in the $7.09-7.14 range.

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