Commodity Watch
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.
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.
Gold climbs on Fed rate-cut optimism, eyes on US data
Gold prices increased on Thursday due to expectations of a U.S. interest rate cut and a weaker dollar. Traders are awaiting jobs data and a key inflation metric to gauge the Federal Reserve's policy path. Spot gold, U.S. gold futures, and other precious metals saw gains amid geopolitical tensions and economic uncertainties.
Gold prices remain steady; silver declines Rs 400
Gold prices remained flat at Rs 74,350 per 10 grams in the national capital on Wednesday in scattered deals even as it weakened in the overseas markets.
Top News
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’s hot summer is ending, posing risks for majors and OPEC+ Gold Price Today: Yellow metal up by nearly Rs 600/10 gm in 2 days, silver gains by Rs 1,300/kg Gold edges higher as Fed backs September easing
Gold Price Today: Yellow metal up by nearly Rs 300/10 gm this week, silver remains flat
Gold October futures on MCX opened flat at Rs 72,040 per 10 gram, while silver September futures were trading at Rs 85,330/kg. Both metals showed high volatility amid U.S. consumer confidence data and dollar index fluctuations.
Calendar Spread
(Far - Near month contract)
Premium = Futures Price > Spot Price
Discount = Futures Price < Spot Price
Hot/Cold Contract
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.
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.
