Wednesday, 31 August 2016

Indian Commodity Market Buzz ; Gold Climbs Rs 39 on Positive Global Cues

Gold prices were up by Rs 39 to Rs 30,860 per 10 grams in futures trade today as speculators raised their bets amid a firm global trend. At the Multi Commodity Exchange, gold for delivery in October was trading higher by Rs 39 or 0.13 percent to Rs 30,860 per 10 grams in a business turnover of 773 lots. 

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The yellow metal for delivery in December gained Rs 30 or 0.10 percent to Rs 31,038 per 10 gm in 16 lots. Market analysts attributed the rise in gold prices at futures trade to positive global cues. Meanwhile, gold was trading 0.24 percent higher at USD 1,313.70 an ounce in Singapore.

Silver Silver trading range for the day is 43682-44448.   Silver dropped as investors focused on the next set of U.S. data to see whether it supports  expectations that Fed will raise interest rates soon.   Fed’s Fischer said the U.S. job market is nearly at full strength and that the pace of rate  increases by the Fed will depend on how well the economy is doing.

The international crude oil price of Indian Basket as computed today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 46.63 per barrel (bbl) on 30.08.2016. This was lower than the price of US$ 47.14 per bbl on previous publishing day of 29.08.2016.

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