Commodity Watch
Gold trims decline after US producer prices data
Gold prices trimmed losses on Thursday after weaker-than-expected U.S. producer inflation data raised hopes for two rate cuts in 2024, even as the Federal Reserve's projections called for just one cut this year.
Gold Price Today: Yellow metal opens at Rs 71,489/10 gms, silver drops Rs 2,000/kg
Gold prices fell after three days of gains as investors reacted to the Federal Reserve's latest signals indicating only one interest-rate cut this year, instead of the three previously forecast.
Gold pares gains on reduced rate cut bets after Fed verdict
Gold prices fluctuated as the U.S. Federal Reserve hinted at a single interest rate cut this year due to persistent inflation levels.
Oil slips on US growth worries, ample crude supply
Oil prices fell as U.S. Federal Reserve maintained interest rates, impacting market sentiment. Concerns over supply disruptions and ceasefire negotiations in Gaza added volatility to the market.
Top News
Gold rush grips Asia despite near-record prices Oil prices edge up on optimistic demand outlook Buyers return to stores as gold prices cool down World oil demand will rise 2.25 million bpd in 2024: OPEC Oil prices extend rally on potential U.S. crude purchase for reserve Oil rises on hopes of summer fuel demand Gold Price Today: Yellow metal prices fall by Rs 3,400/10 grams in 20 days; silver drops Rs 6,000/kg
Gold price movement: Fed action impact & what history suggests in a falling rate regime?
Gold investors await the outcome of the Federal Open Market Committee (FOMC) meeting for insights on the US Federal Reserve's interest rate cut impact. The European Central Bank and Bank of Canada have already reduced policy rates.
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Gold prices fell after three days of gains as investors reacted to the Federal Reserve's latest signals indicating only one interest-rate cut this year, instead of the three previously forecast.
Brent crude futures were down 87 cents, or 1.1%, at $82.01 a barrel, while U.S. West Texas Intermediate crude (WTI) was down 81 cents, or 1%, to $77.85 at 1255 GMT. Both benchmarks settled about 1% lower on Tuesday.
London copper prices hit a five-week low due to a strong dollar and weak physical demand, affecting LME and SHFE markets.
This price appreciation is basically due to the mismatch in demand and supply as tight supplies across the globe have engineered elevation in price levels.
Oil prices fell as demand concerns outweighed the prospect of tighter supply from global producers and investors remained sceptical that the US and Iran could strike a nuclear deal. However, there is both upside and downside pressure on prices, amid fears over tighter supply and expectations of higher demand as the US enters driving season being offset by worries over further US interest rate hikes and a slow pickup in China's fuel demand. For the week, both benchmark prices were on track for about 1% losses and for a second week of losses.
Leading shipping lines' decision to avoid the Suez Canal route amid Houthi attacks has also impacted sunflower oil imports from Russia and Ukraine. Sunflower oil prices in the local market are likely to go up by 3-4% as international prices have increased by $30 per tonne in the last one week to $940 per tonne, trade insiders said. Basmati exporters said the export market has become sluggish and the shipping cost to places like Jeddah, Yemen, Beirut, and Durban have shot up multiple times in some cases.
Castor seed, chana, kapas and jeera recorded gains on NCDEX
Commodity and currency expert Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi said that mentha oil prices have seen a dramatic rise in the last couple of weeks as supply-side fundamentals are seen tightening amid an expected drop in output during the 2023-24 season. "Output of this oil is seen declining for a second straight year and thus carryover stocks will shrink further by the end of the season," Qureshi said.