Weekly MCX Commodity Report

The prices of bullion's dropped sharply in the week due to heightened profit taking and some positive reports from US and Eurozone towards the end of the week. US consumer sentiments jumped to a five year high. Meanwhile, COMEX Gold futures for December delivery on NYMEX closed at $ 1759.7 per troy ounce, down 1.2% in the week. University of Michigan report showed that the consumer sentiment index for October came in at 83.1 compared to the final September reading of 78.3.

The weekly jobless claims of US fell to a four year low eradicating worries relating to economy. Initial jobless claims tumbled to 339000 from the previous week's revised figure of 369000. The drop surprised economists, who had expected jobless claims to edge up to 370,000 from the 367,000 originally reported for the previous month. This was the highest level of consumer sentiments since September 2007.

Industrial production in the euro zone rose unexpectedly last month. In a report, Eurostat said that Euro zone industrial production rose to a seasonally adjusted 0.6%, from 0.6% in the preceding month. US Dollar index that tracks the movement of Dollar against six major currencies settled at 79.69, up 35 pips against the close of 79.34 at the beginning of the week.