Tuesday, 30 August 2016

Commodity Market Bullish ; Gold Futures Soften on Weak Global Cues

The current scene in the commodity market can best be termed as a bit bullish. Production is rising in response to a certain surge in demand. Good monsoon is likely to enliven the agriculture sector and with that the increase in rural income is to translate into higher growth in demand for consumer goods and houses. 

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The commodity prices are indeed moving up, but not uniformly across all products. From the next month onward with the additional income in the hands of government employees, the boost in demand for household goods, real estate, automobile and travel would benefit these segments a great deal. The incoming festive seasons would only contribute positively.

Gold futures on August 30 fell 0.16 per cent to Rs 31,026 per 10 gram as speculators reduced their bets amid a weak global trend. In futures trading at the Multi Commodity Exchange, gold for delivery in October fell Rs 49, or 0.16 per cent, to Rs 31,026 per 10 gram, in a business turnover of 809 lots. Similarly, metal prices for delivery in far-month December declined Rs 35, or 0.11 per cent, to Rs 31,220 per 10 gram in 41 lots.

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