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According to the Specialty Steel Industry of North America (SSINA), the US imports of stainless steel sheets and strips totaled 320160 short tons in the first eight months of this year, increasing by 11.9% year on year. In the given period of time, the country's consumption of stainless steel sheets and strips increased by 5.8% to 1.16 million short tons, making an import percentage of 27.5%, rising by 1.5 percentage points year on year.

In the first eight months of this year, the US's imports of stainless steel plates jumped by 30.9% to reach 160,194 short tons and the consumption rose by 22.3% to 305,897 short tons, bring the import penetration to rise by 3.5 percentage points to 52.4%.

Besides, the country's imports of stainless steel bars totaled 103,590 short tons year to date through August, up by 6.1% and the consumption totaled 181,067 short tons, increasing by 0.9%. Accordingly, the import penetration rose by 2.8% percentage points to 57.2%.

Meanwhile, the US imported 21436 short tons of stainless rods in the first eight months of this year, rising by 9.3%; however, the consumption decreased by 3.8% to 50,096 short tons, making the import penetration rise by 5.1 percentage points to 42.8%.

In addition, the country's imports of stainless steel wire rose by 4.6% to 33,070 short tons in the given period of time while the consumption dropped by 1.7% to 40,515 short tons, making the import penetration rise by 4.9 percentage points to 81.6%.

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Gold futures began week on strong note in Asia electronic trades today, after retreating 1% last week on ongoing fears over the looming fiscal crisis in the U.S. and growing tension in the Middle East.
December delivery gold futures are trading up $7.3 at $ 1722 an ounce on the Comex division of the New York Mercantile Exchange. The counter may find support near $1685 levels with resistance near $1740 levels in the near term.
Silver for December delivery fell 1.1% on Friday to settle the week at $32.30 a troy ounce. Earlier in the session, silver futures touched a one-week low of $32.02 a troy ounce. On the week, silver futures shed 0.7%.
Investors continue to remain concerned over the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal crisis were "constructive."
There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.
Gold hit a one-week low of $1,704.55 a troy ounce on Thursday, after the World Gold Council said global demand for the precious metal dropped 11% in the third quarter.
In the coming week, market participants will be focusing on developments relating to the U.S. fiscal cliff, as well as Tuesday’s meeting of the euro group of finance ministers to discuss unlocking Greece’s next aid installment.
MCX December gold futures may open today’s session near Rs 31,670 levels with resistance near Rs 31700 -750 levels.

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MCX Gold December have surged in the in the early hours moves today, going up in tune with the ferocious gains in the COMEX Gold December as a signal of strong buying lifted the commodity to its three week highs. The COMEX Gold December added moving gains last night even as US stocks drop as traders eyed an conservatory of ultra loose US economic policy after President Barack Obama's re-election. COMEX Gold December are trading around its three week highs at $1737.50, up $11.40 per ounce on the day.

The US equities eased the past day in the middle of doubts about scary economic woes. The traders are now worrying about the US fiscal cliff, automatic tax hike and spending cuts amounting to $600 billion due to take effect early next year that could send the US economy back to downturn. This is boosting shareholder craving for safe-haven assets like gold.

The Euro zone slipped again the past day , continuously contrary complexity on rising moves among a string of weak economic data that continues to keep the Euro zone area in a attach of slowing growth and persistent debit reservations. The European Central Bank refrained from further motivation measures the past day and said it cannot do much more to help Greece and gave Spain none of the guarantee it wants that ECB bond buying will lower its borrowing costs.

Last Week:-

Gold Prices started the new trading week on an up move. Comex Gold future Prices rose reasonably higher the past day on some bargain hunting buying interest after Friday’s big sell off meeting, but rises remain limited by a stronger US money index that hit a fresh two-month high.

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Advisory Data:-

The Chamber of Mines recently met with the National Union of Mine Workers (NUM), Solidarity and UASA to receive the unions' feedback on the proposals made last week aimed at bringing to an end the unprotected industrial action underway in the gold sector. The unions have indicated that there have been mixed reactions by their members to the Chamber's proposals, and that they are unable to confirm a return to work.

In response, the Chamber has indicated that it is not in a position to make any further proposals and that it, and the individual companies, will now explore other avenues to try to bring normality to the gold mining industry.

Dr Elize Strydom, Senior Executive: Employment Relations, says that “the industry regrets that is has not been possible to reach a settlement with the workers involved in the unprotected strikes. The current impasse is extremely unfortunate, not only for the industry and its employees, but also for future growth and development in South Africa, given the critical role that gold mining plays in our country's economic development”.