Brent fell 15 cents to settle at $43.15 a barrel, but rose 8.3% for the week. U.S. oil futures rose 14 cents to settle at $41.11 a barrel, and gained 10.1% for the week.
Gold prices gained on Friday buoyed by a weaker dollar and lingering concerns over an economic recovery from the damage inflicted by the coronavirus pandemic that were underscored by elevated weekly U.S. jobless claims data. Spot gold climbed 0.6% to $1,953.80 per ounce by 0934 GMT and was on track for a second straight week of gains, rising 0.7% so far. U.S. gold futures were up 0.7% at $1,963.60 per ounce. Gold is being propped up by the weaker dollar, but prices are likely to remain "in a lateral range between $1860 and $2000," said ActivTrades chief analyst Carlo Alberto De Casa. "The scenario remains unchanged with the main trend still positive." U.S. weekly jobless claims report on Thursday showed a smaller-then expected decline in new claims, weighing on the dollar and bolstering the appeal of gold as an investment alternative.
Gold jewelers in India pinned hopes on an upcoming festival season, with dealers offering discounts for a fifth straight week to lure customers back to shops, as activity remained muted in Asian bullion hubs. In India, discounts eased to $23 an ounce over official domestic prices, inclusive of 12.5% import and 3% sales levies, from last week's $30. "Festival season is approaching. If prices remain stable, demand could start improving in coming weeks," said Mukesh Kothari, director at Mumbai-based dealer RiddiSiddhi Bullions. On Friday, domestic gold futures prices were around 51,500 rupees per 10 grams, on track for a 0.5% gain for the week. Jewelers are waiting for a clear price trend and could start building inventory early next month for festivals, said a Mumbai-based dealer with a bullion importing bank. In China, discounts eased slightly to $44-$48 an ounce from last week's $45-$50, with most purchases coming only from the investment side.
Globally, West Texas Intermediate crude oil rose by 0.88 per cent to USD 41.33 per barrel, while Brent crude was trading up 0.79 per cent at USD 43.64 per barrel in New York.
On the Multi Commodity Exchange, copper contracts for the September delivery traded higher by Rs 1.10, or 0.21 per cent, at Rs 532.65 per kg in a business turnover of 4,616 lots.
On the Multi Commodity Exchange, nickel contracts for the September delivery traded down by 90 paise, or 0.08 per cent, to Rs 1,106.80 per kg with a business turnover of 1,594 lots.
On the Multi Commodity Exchange, zinc contracts for the September delivery traded higher by Rs 1.55, or 0.79 per cent, at Rs 196.85 per kg with a business turnover of 2,524 lots.
NEW DELHI: Barring energy counters, all commodities were trading with gains on Friday as the amir rising worries over slump in the economy across the world. Gold was up 0.11 per cent while silver gained 0.22 per cent. In the base metal block, all counters were up with zinc rising the most at 0.79 per cent. Crude oil was up 0.03 per cent and its peer natural gas was down 3.58 per cent. NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.42 per cent or 4.80 points at 1,140.40 led by gains in refined soya oil and soy bean. Here is how SMC Global expects commodities to fare today: Bullion: Bullion counters may post correction from higher levels where gold may test Rs 50,600 and face resistance near Rs 51,780 while silver may test Rs 66,800 and face resistance near Rs 68,690. Base metals: Base metals may trade with a bullish bias where copper can move towards Rs 534 and take support near Rs 527. Zinc may move towards...
Globally, gold prices rose as the dollar slipped, while lacklustre U.S. employment data and vows by major central banks to roll out further stimulus if required to revive their coronavirus-hit economies also bolstered the metal's appeal.
The Southern Palm Oil Millers Association estimated output in some parts of Malaysia in Sept. 1-15 to rise 2.93% from the month before, traders said on Thursday. This was lower than the 8.84% monthly rise seen during Sept. 1-10.
The weekly jobless claims report from the U.S. Labor Department, the most timely data on the economy's health, showed nearly 30 million people were on unemployment benefits at the end of August, laying bare the continuing economic and human devastation from the coronavirus crisis.
Brent crude was down 6 cents at $43.24 a barrel by 0112 GMT, while U.S. oil futures dropped 6 cents to $40.91 a barrel. Both contracts have risen sharply this week as Hurricane Sally cut U.S. production and are on track for a weekly gain of around 9%, the first in three weeks.
"The gold market was somewhat disappointed by the lack of outlook or guidance about what the Fed would do in order to spur inflation," Carsten Menke, analyst at Julius Baer, said.
Brent crude was up 8 cents, or 0.2%, to $42.30 a barrel at 1042 GMT, and U.S. West Texas Intermediate (WTI) crude rose 7 cents, or 0.2%, to $40.23 a barrel.
The panel of major producers, including Saudi Arabia and Russia, is unlikely to recommend any changes to their current output reduction target of 7.7 million barrels per day (bpd), or around 8% of global demand, according to three OPEC+ sources.
On the Multi Commodity Exchange, silver contracts for the December delivery tumbled by Rs 981, or 1.43 per cent, to Rs 67,800 per kg in a business turnover of 16,983 lots.
The report said sales volumes plunged because of curtailed discretionary spending following the Covid-19 pandemic, stores remaining shut for most of the first quarter, and intermittent lockdowns in some states in the second quarter.
Globally, West Texas Intermediate crude oil was trading 0.72 per cent lower at USD 39.87 per barrel, while Brent crude was quoting 0.59 per cent lower at USD 41.97 per barrel in New York.