Commodity Watch
Gold Price Today: Yellow metal up by Rs 2,200/10 gm in 1 week, silver gains Rs 3,000/kg
Gold and silver futures at MCX traded lower on Friday, despite gains earlier in the week. Gold futures settled up 0.62% at Rs 72,188 per 10 grams on Thursday, while silver futures also rose 0.62% to Rs 87,049 per kilogram.
Oil steady as players take stock of Middle East supply concerns
Oil prices were steady in early Friday trading as investors balanced supply concerns in the Middle East with weak demand signals. Libyan production and exports faced significant disruptions, while Iraqi output plans to reduce next month. Despite supply issues, oil prices are set for a second consecutive monthly decline.
Gold prices poised for monthly gain; focus on US data
Gold prices remained steady on Friday but are set for a monthly gain due to expectations of a U.S. interest rate cut in September. Markets are awaiting crucial U.S. inflation data. Meanwhile, economic indicators like GDP and unemployment claims show positive signs, impacting traders' views on Federal Reserve policies.
Gold Price Today: Yellow metal trades flat this week, silver down by Rs 700/kg
Gold October futures opened slightly up, while silver September futures gained 0.6% at MCX. Prices are influenced by dollar index movements and anticipated U.S. core PCE price index data, with caution advised ahead of the U.S. preliminary GDP data.
Top News
Gold prices remain steady; silver declines Rs 400 Gold Price Today: Yellow metal up by nearly Rs 300/10 gm this week, silver remains flat Gold holds ground near record high as rate-cut bets build Gold Price Today: Yellow metal trades flat in 1 week, silver gains by Rs 1,100/kg Gold drifts near record high amid Fed rate-cut optimism, geopolitical woes Oil prices pause after surging on Libyan outages, Middle East tensions Oil up 3% on Libya halt, Mideast escalation fears
Oil steady as smaller-than-expected US stock draw counters Libya supply disruption
Oil prices remained mostly steady, impacted by a smaller-than-expected draw in U.S. crude inventories and concerns over China demand amid supply disruptions from Libya. U.S. crude inventories fell by 846,000 barrels, less than forecasted. Supply disruptions in Libya have significantly reduced output, adding to market uncertainties.
Calendar Spread
(Far - Near month contract)
Premium = Futures Price > Spot Price
Discount = Futures Price < Spot Price
Hot/Cold Contract
Gold and silver futures at MCX traded lower on Friday, despite gains earlier in the week. Gold futures settled up 0.62% at Rs 72,188 per 10 grams on Thursday, while silver futures also rose 0.62% to Rs 87,049 per kilogram.
Oil prices declined amid global recession fears, though losses were limited by potential Middle Eastern supply disruptions and US inventory drawdowns. Weak economic data from the US, China, and Europe heightened concerns. Geopolitical tensions and OPEC Plus production policies further influenced the market, while reduced Chinese demand and refinery activity added to the fluctuations.
London copper prices hit a five-week low due to a strong dollar and weak physical demand, affecting LME and SHFE markets.
Price formed a peak in January 2022 and has been forming lower highs thereafter However, the level of 6500 has acted as strong support and the price has bounced off it twice in as many years. Price has formed a lower high and is now testing the support from a trendline.
Oil prices declined amid global recession fears, though losses were limited by potential Middle Eastern supply disruptions and US inventory drawdowns. Weak economic data from the US, China, and Europe heightened concerns. Geopolitical tensions and OPEC Plus production policies further influenced the market, while reduced Chinese demand and refinery activity added to the fluctuations.
Extending the losses for the second straight session, gold and silver prices slumped in the national capital on Thursday in line with weak trends in the global markets. According to HDFC Securities, gold prices declined Rs 50 to Rs 72,250 per 10 grams in Delhi. It had settled at Rs 72,300 per 10 grams in the previous session.
Analysts said record rally in ICE Cotton prices, falling global cotton stocks, lower Indian cotton crop/stock revision by USDA & CAI, retrenched selling by farmers and strong demand by domestic millers had lifted domestic cotton futures to record high level last week.
Oil prices declined amid global recession fears, though losses were limited by potential Middle Eastern supply disruptions and US inventory drawdowns. Weak economic data from the US, China, and Europe heightened concerns. Geopolitical tensions and OPEC Plus production policies further influenced the market, while reduced Chinese demand and refinery activity added to the fluctuations.