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Gold set for biggest monthly drop since 2016

Gold was hovering around an over two-month low on Wednesday as investors awaited U.S. jobs data for further clarity on the Federal Reserve’s policy stance, with the precious metal heading for its worst monthly drop since November 2016. Spot gold eased 0.1% to $1,763.63 per ounce as of 0254 GMT, having touched its lowest since Read More

Silver prices slide on dollar rebound; weakness in gold and industrial metals

Silver prices edged lower on June 29 tracking weakness in gold prices and dollar weakness. The precious metal has been stuck in a narrow range amid a lack of clear direction in gold or industrial metals. The white metal extended decline in the afternoon session after a negative start tracking weak global cues. The semi-precious Read More

Petrol, diesel prices today on June 28: Fuel prices unchanged after record high, check rates in your city

Petrol and diesel prices were kept unchanged on June 28 after reaching new record highs on the previous day, according to a price notification by state-owned fuel retailers. The increase on June 27, second in as many days and 31st in less than two months, took rates across the country to fresh highs with Bihar Read More

Yellow metal trades flat, experts see support at Rs 46,800-46,600

Gold prices were little changed in the domestic futures market in early trade on June 25, mirroring trends of the global markets. On the Multi-Commodity Exchange (MCX), August gold contracts were trading with a nominal gain of 0.02 percent at Rs 46,880 for 10 grams at 0950 hours. July silver futures were trading 0.19 percent Read More

Brent crude oil price hits $75

Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained bullish about a quick recovery in global oil demand and as concerns eased over an early return of Iranian crude. Brent crude futures for August climbed 29 cents, or 0.4 percent, to $75.19 Read More

Natural gas futures fall on mixed weather outlook; analysts see further gain

Natural gas futures traded lower on June 21 on easing demand in coming weeks amid mixed weather outlook. The gas prices declined 0.74 percent last week on the MCX. The energy price traded in the red after a gap-down start tracking weak global cues. On the MCX, natural gas delivery for June fell by Rs 2.40, or Read More

Petrol, diesel prices today on June 17: Fuel prices unchanged after record high, check rates in your city

Petrol and diesel prices were kept unchanged on June 17 after reaching new record highs on the previous day, according to a price notification by state-owned fuel retailers. As the prices did not change on the day, petrol remained sold at Rs 102.82 per litre while diesel at Rs 94.84 per litre in Mumbai. Maharashtra’s capital, Read More

Gold extends losing streak to fourth day on worries over Fed taper talk

Gold prices fell on Wednesday for a fourth straight session, hurt by a stronger dollar as investors awaited the outcome of the U.S. Federal Reserve’s latest meeting for clues on possible tapering of economic support measures. Spot gold was down 0.1% at $1,857.55 per ounce, by 0320 GMT. U.S. gold futures were steady at $1,857.50. Read More

Gold slips as investors fear US Fed taper hints

Gold prices slipped as much as 1.7% on June 14, as some investors feared the U.S. Federal Reserve may outline a path for scaling back its expansive monetary policy at a two-day meeting this week. Spot gold fell 0.7% to $1,863.98 per ounce by 1:43 p.m EDT (1743 GMT) after hitting its lowest level since Read More

Natural gas futures hit fresh high for June series; outlook bullish

Natural gas futures scaled fresh high for the June series in the intraday trade on June 11 on the MCX as participants raised their bullish bets as seen by the open interest. The gas prices had gained 0.6 percent June 10 on the NYMEX. The energy price traded in the positive territory after a gap-up Read More

Silver prices slide ahead of US Inflation data, firm dollar

Silver prices edged lower on June 10 as investors looked forward to US inflation data that could shape the course of the Federal Reserve’s monetary policy. The precious metal was weighed down by softness in gold, industrial metals and a stronger dollar. The semi-precious metal has been trading higher than 50, 100 and 200 days’ Read More

Oil falls again amid concerns over demand rebound

Oil prices lost more ground on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China’s oil imports fell in May. Brent crude was down 11 cents, or 0.2%, at $71.38 a barrel by 0151 GMT, after declining 0.6% overnight. U.S. oil Read More

Gold falls as firmer dollar offsets easing US bond yields

Gold prices edged lower on Monday as an uptick in the dollar dented the metal’s appeal, although lower U.S. bond yields and prospects of a prolonged accommodative interest rate environment limited losses. Spot gold was down 0.2% at $1,886.76 per ounce as of 0308 GMT, after rising more than 1% in the previous session, as Read More

Copper price tumbles on weak demand prospect, firm dollar; gives negative breakout

Copper prices trimmed gains and turned negative in the evening session, tracking weak global cues and strength in the dollar. The base metal has been trading marginally sideways and with bearish bias on signs of weakening demand in China. Copper delivery for June declined Rs 18.45, or 2.43 percent, to Rs 740.70 per kg at Read More

Gold prices end flat on firm rupee, inflation hedge; to hover around Rs 51,200 per 10 gm in June

Gold prices were steady during the week to settle at Rs 48,542 per 10 gram as players sat on the sidelines ahead of inflation data. Precious metal prices saw little reaction to the GDP and new jobless claims data. However, upbeat US data showed that a recovery in the world’s largest economy was on track. Read More

Gold hovers near 4-1/2-month high on tepid dollar, inflation jitters

Gold prices climbed on Monday to hover near a 4-1/2-month high, supported by a weaker U.S. dollar and growing inflationary pressure, while a slide in cryptocurrencies further lifted the safe-haven metal’s appeal. Spot gold was up 0.2% at $1,883.21 per ounce by 0301 GMT. Last week, gold prices hit their highest level since Jan. 8 Read More

Zinc price rises on dollar weakness, inflation concerns; is it time to sell

Zinc prices strengthened to Rs 232.10 per kg as participants rolled over their long position as seen by the open interest. The base metal traded in the positive territory after a gap-down start tracking weaker dollar. On the MCX, Zinc delivery for May gained Rs 0.60, or 0.26 percent, to Rs 232.10 per kg with Read More

Oil falls for third day on rising coronavirus infections, US stockpiles

Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible U.S. rate hikes. Brent crude was down 6 cents, or 0.1%, at $66.60 a barrel by 0141 GMT, having fallen 3% on Wednesday. Read More

Oil falls on concerns of Iranian supply return, inflation fears

Oil prices fell for a second day on Wednesday on the potential of Iranian supply returning and as investors sold on speculation that inflation fears might lead the U.S. Federal Reserve to raise interest rates, which could limit economic growth. U.S. West Texas Intermediate (WTI) crude futures dropped 73 cents, or 1.1%, to $64.76 a Read More

The dollar sank to a six-year trough against the Canadian dollar and teetered near multi-month lows versus other major peer currencies on Tuesday, as Treasury yields stalled amid renewed expectations the United States will not hike interest rates anytime soon. Dallas Federal Reserve President Robert Kaplan on Monday reiterated that he does not expect interest rates to rise until next year, fueling a further decline in bets that inflationary pressure could force the Fed to act sooner. This week a host of Fed policymakers are scheduled to speak, and the U.S. central bank will also release minutes from its most recent meeting, which may give indications about where monetary policy is headed. The growing market consensus is that the Fed will tolerate what it sees as a temporary acceleration in inflation, which will keep the dollar lower against most major currencies. “The dollar is on its knees and this seems to be a direct result of how investors feel about the U.S. inflation outlook and the Fed’s reaction,” said Valentin Marinov, head of G10 FX research at Credit Agricole. Marinov highlighted two inflation outlook scenarios that would have different impacts on the markets – the first one being the current market expectation that price growth will soon ease. “This will keep the Fed dovish, U.S. real yields very negative and the dollar weak … boosting commodity prices and supporting risk assets,” he said. “Under the second inflation outcome, we see a more persistent rebound of the U.S. inflation this and, potentially, early next year.” Under Marinov’s central scenario, that could nudge the Fed towards tapering bond purchases this summer, thus boosting the outlook for U.S. Treasury yields and the dollar. The benchmark 10-year U.S. Treasury yield stood at 1.6471%, extending a pullback from a five-week high reached last week. The dollar traded above $1.22 to the euro, the single currency hitting its highest against the greenback since Feb. 25. The British pound rose past $1.42 for the first time since Feb. 24. Sterling has been buoyed as investors cheer the gradual lifting of strict coronavirus restrictions. The Canadian dollar advanced to a six-year high of 1.2013 to the greenback, aided by a rise in oil prices. Up 5% against its U.S. peer year-to-date, the trader-nicknamed “loonie” is the best performing G10 currency on the year. The dollar lost 0.3% to 108.96 yen. The Japanese currency is the worst-performing G10 currency this year, down over 5% year-to-date against the greenback amid worries about Japan’s slow pace of vaccinations and weakness in the greenback. Some investors were already scaling back expectations for a Fed rate hike this year, and Kaplan’s comments gave traders even more incentive to sell the dollar. The onshore yuan edged up to 6.4188 per dollar, not far from an almost three-year high reached last week. The Australian and New Zealand dollars rose as much as half a percent each against their U.S. counterpart. In the cryptocurrency market, bitcoin rose 3.3% to $45,023.53 but was still close to a three-month low after Tesla boss Elon Musk dented enthusiasm for the digital asset. Rival digital currency ether rose 6.50% to $3,494, steading from a two-week low on Monday.

Oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopenings of the U.S. and European economies outweighed fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions. Brent crude oil futures were up 20 cents, or 0.3%, at $69.66 a barrel Read More

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