Friday, 3 July 2015

Daily Commodity Market News and Trading Tips

Spot gold prices declined by 0.24 percent on Thursday to close at $1165.8/oz although data showed the U.S. labor market was weaker in June than expected, indicating that the Federal Reserve may hold off from raising interest rates in September.

On the MCX, gold prices declined by 0.82 percent to close at Rs.26195/10 gms.

Spot silver prices rose by 1 percent to close at $15.7/oz. Weakening dollar and strength in Nickel prices acted as a positive factor.

On the MCX, silver prices decline by 0.45 percent to close at Rs.35873/kg.

Crude Oil
Oil prices declined by 4.2 percent on Thursday to close at $57/bbl. Pulling crude futures off highs was the latest data on the U.S. oil rig count from Baker Hughes. The firm said the number of rigs drilling for oil rose by 12 this week, the first rise since December. 

On the MCX, oil prices declined by 0.2 percent to close at Rs.3641/bbl.

Natural gas
On Thursday, Natural gas prices on the NYMEX rose by 1.51 percent while MCX gas prices rose by 2.03 percent as inventories rose less than market expectations.
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