Gold futures on MCX were up 0.10 per cent, or Rs 47, at Rs 46,973 per 10 gram. Silver futures gained 0.21 per cent, or Rs 145, to Rs 68,018 per kg.

Brent crude for August had gained 22 cents, or 0.3%, to $76.40 a barrel by 0051 GMT while U.S. West Texas Intermediate crude for August was at $74.30 a barrel, up 25 cents, or 0.3%.

On the physical front, the gold market in top consumer China flipped into a premium last week as prices eased although activity was subdued, while buyers in India held off for a sharper dip in rates as more jewellers opened up.

NEW DELHI: Domestic gold futures tanked by more than Rs 1,600 on Thursday mirroring losses in global benchmarks, as the dollar and US bond yields surged after the US central bank's projection of earlier-than-expected rate hikes. The August 5 contract of the yellow metal on MCX fell as much as 3.38 per cent or Rs 1,639 to Rs 46,867 during the evening session before regaining the Rs 47,000 level, which analysts see as near-term support. Silver followed suit, plummeting by as much as Rs 3,568 or 4.99 per cent to Rs 67,900 per kilogram. At 7:48 pm, MCX gold futures (August 5) traded 3.09 per cent lower at Rs 47,008 per 10 grams while silver futures (July 5) were down 4.48 per cent at Rs 68,264 per kilogram. Analysts said the surge in the US currency and yields in reaction to the Federal Reserve's projection of earlier interest rate increases put pressure on bullion rates. "The Fed's stance is negative for gold. However, the market reaction may subside as the US central bank is...

LONDON: Crude oil prices hovered near multi-year highs on Thursday, buoyed by falling US crude inventories which limited the impact of a stronger US dollar. Brent crude oil futures dropped 12 cents, or 0.1%, to $74.27 a barrel by 1332 GMT. They hit their highest since April 2019 in the previous session. US crude oil futures was up 3 cents, or 0.04%, at $72.18 a barrel, after reaching their highest since October 2018 the previous day. The US dollar strengthened against a basket of other currencies after the Federal Reserve signalled it might raise interest rates at a much faster pace than assumed. A firmer greenback makes oil priced in dollars more expensive in other currencies, potentially weighing on demand. Data from the Energy Information Administration showed that US crude oil stockpiles in the world's biggest consumer dropped sharply last week as refineries boosted operations to their highest since January 2020, signalling continued improvement in demand.

Gold slipped below the $1,800 level on Thursday, after the Federal Reserve signalled earlier-than-expected interest rate increases. Spot gold fell 0.8 per cent to $1,797.25 per ounce by 1124 GMT, having touched its lowest since May 6 at $1,794.19. US gold futures fell 3.3 per cent to $1,799.80 per ounce. A majority of 11 Fed officials projected at least two quarter-point rate rises for 2023, even as officials in their statement pledged to keep policy supportive for now to encourage a jobs recovery. The announcement on Wednesday prompted a 2.5 per cent slide in gold with the dollar hitting a two-month high and yields also jumping. Along with the Fed's unexpected change of stance, "higher interest rates in the US - while other major central banks probably are going to wait longer with changing monetary policy - has strengthened the dollar. So it's a double whammy for gold," Quantitative Commodity Research analyst Peter Fertig said.

NEW DELHI: Copper futures on Thursday slipped 1.09 per cent to Rs 714.20 per kg, as participants cut their positions amid muted demand in the domestic market. On the Multi Commodity Exchange, copper contracts for the June delivery eased by Rs 7.90, or 1.09 per cent, to Rs 714.20 per kg in a business turnover of 5,087 lots. Analysts said trimming of positions by speculators due to muted demand in the spot market mainly led to the fall in copper prices here.

NEW DELHI: Crude oil prices rose Rs 23 to Rs 5,300 per barrel on Thursday, as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for the June delivery traded higher by Rs 23, or 0.44 per cent, at Rs 5,300 per barrel in 5,183 lots. Analysts said raising of bets by participants kept crude oil prices higher in the futures trade. Globally, West Texas Intermediate crude oil fell 0.46 per cent to USD 71.82 per barrel, while Brent crude traded 0.43 per cent lower at USD 74.07 per barrel in New York.

NEW DELHI: Gold in the national capital on Thursday plunged Rs 861 to Rs 46,863 per 10 grams reflecting muted global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,724 per 10 grams. Silver also declined Rs 1,709 to Rs 68,798 per kg, from Rs 70,507 per kg in the previous trade. In the international market, gold was trading lower at USD 1,810 per ounce and silver was flat at USD 26.89 per ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices traded under pressure witnessing overnight selling after the US Federal Reserve's comments. The hawkish stance pushed dollar higher against major currencies triggering selling in gold prices." The stronger dollar may continue to pressure gold prices dampening safe haven demand for the short term, he added.

Three-month copper on the London Metal Exchange fell 1.5 per cent to $9,520.50 a tonne by 0518 GMT, having dropped as much as 2.6 per cent earlier in the session to the April 23 low of $9,415.

MCX Gold futures are trading nearly 1.5 per cent down after the Fed pushed forward projections for interest rate hikes into 2023. The short-term trend has turned negative as price breached the lower band of the rising trend channel.

NEW DELHI: Gold prices hovered near a more than one-month low on Thursday. The US central bank's hawkish stance pushed the dollar higher against major currencies, putting pressure on gold. A spike in US Treasury yields also added to the yellow metal's woes. Gold prices fell around 1.5 per cent in the domestic market. The Fed on Wednesday began closing the door on its pandemic-driven monetary policy as officials projected an accelerated timetable for interest rate increases. Higher interest rates will dull gold's appeal as they translate into a higher opportunity cost of holding it. The dollar index jumped to its highest level in two months against its rivals, making gold more expensive for holders of other currencies. The benchmark 10-year yield rose to its highest level since June 4 at 1.594 per cent, increasing the opportunity cost of holding the non-interest bearing gold.

SINGAPORE: Crude oil prices fell on Thursday pressured by a stronger U.S. dollar, but losses were limited by a big drop in crude oil inventories in the United States, the world's top oil consumer. Brent crude oil futures dropped by 74 cents, or 1%, to $73.65 a barrel by 0103 GMT after reaching its highest since April 2019 in the previous session. U.S. crude oil futures fell by 69 cents, or 1%, to $71.46 a barrel, after reaching its highest since October 2018 the previous day. "Energy markets became so fixated over a robust summer travel season and Iran nuclear deal talks that they somewhat got blindsided by the Fed's hawkish surprise," said Edward Moya, senior market analyst at OANDA. "The Fed was expected to be on hold and punt this meeting, but they sent a clear message they are ready to start talking about tapering and that means the dollar is ripe for a rebound which should be a headwind for all commodities." The U.S. dollar boasted its strongest single day gain in...

Following a drop of 2.5% in the previous session to its lowest since May 6 at $1,803.79 per ounce, spot gold was slightly up 0.2% as of 0039 GMT in early Asian trade.

"You could see spikes to even higher than $100 a barrel, even $130, and you could also see it go down to $35 a barrel for periods of time going forward," William Reed II, CEO of Castleton, told the FT Global Commodities Summit.

The press release also stated that gold of additional carats 20, 23 and 24 will be allowed for hallmarking. Say, if you buy gold bangles of 23 carat, then your jeweller will be required to sell you hallmarked gold jewellery.

Domestic gold rates moved higher on Wednesday as equities retreated from record levels ahead of the release of the US central bank's policy statement following a two-day meeting. Market participants keenly watched out for any signs of early tapering of stimulus in the world's largest economy. MCX gold futures rose by Rs 140 to Rs 48,564 per 10 grams at the strongest level of the day. The August 5 contract quoted at Rs 48,460 per 10 grams, up 0.07 per cent or Rs 36 for the day, in the final hours of the morning session. MCX silver futures for July 5 delivery climbed to as high as Rs 71,689 per kilogram, and were last seen trading at Rs 71,540, up 0.41 per cent or Rs 292. Weakness in the dollar overseas boosted gold's appeal for holders of other currencies. Technically, gold futures may test lower levels near Rs 48,200 per 10 grams later in the day, say analysts. Analysts awaited the upcoming policy statement from the US central bank and economic projections to assess the...

NEW DELHI: Soybean prices on Wednesday went up by Rs 75 to Rs 7,350 per quintal in futures market as traders created fresh positions tracking positive spot demand. On the National Commodity and Derivatives Exchange, soybean for June delivery rose by Rs 75, or 1.03 per cent, to Rs 7,350 per quintal with an open interest of 3,785 lots. Marketmen said raising of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices. Soybean for July delivery went down by Rs 87, or 1.32 per cent to Rs 6,685 per quintal with an open interest of 38,615 lots.

NEW DELHI: Crude oil prices rose Rs 33 to Rs 5,313 per barrel on Wednesday, as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for the June delivery traded higher by Rs 33, or 0.63 per cent, at Rs 5,313 per barrel in 7,932 lots. Analysts said raising of bets by participants kept crude oil prices higher in the futures trade. Globally, West Texas Intermediate crude oil gained 0.43 per cent to USD 72.43 per barrel, while Brent crude traded 0.42 per cent higher at USD 74.3 per barrel in New York.

NEW DELHI: Copper futures on Wednesday slipped 0.29 per cent to Rs 714.7 per kg, as participants cut their positions amid muted demand in the domestic market. On the Multi Commodity Exchange, copper contracts for the June delivery eased by Rs 2.05, or 0.29 per cent, to Rs 714.7 per kg in a business turnover of 5,583 lots. Analysts said trimming of positions by speculators due to muted demand in the spot market mainly led to the fall in copper prices here.

NEW DELHI: Gold in the national capital on Wednesday dipped marginally by Rs 48 to Rs 47,814 per 10 gram amid muted global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,862 per 10 gram. In contrast, silver rose by Rs 340 to Rs 70,589 per kg, from Rs 70,249 per kg in the previous trade. In the international market, both gold and silver were trading flat at USD 1,859 per ounce and USD 27.78 per ounce, respectively. HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices traded near four-week lows as traders and investors are awaiting outcome from the US FOMC meeting." Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, "Gold prices traded steady after a fall witnessed in the yesterday's (Tuesday) session, due to a stronger dollar and an uptick in US yields as investors look forward to the outcome of the the US Federal Reserve meeting."

gained for a fifth day on Wednesday, climbing towards $75 a barrel to its highest since April 2019, supported by a recovery in demand from the pandemic and a drop in US crude inventories. The American Petroleum Institute reported US crude inventories fell 8.5 million barrels, two market sources said, more than analysts forecast. Official Energy Information Administration figures are out at 1430 GMT. Brent crude was up 21 cents, or 0.3%, at $74.20 a barrel by 1000 GMT, and earlier reached $74.73, the highest since April 2019. US crude gained 18 cents, or 0.3%, to $72.30 and hit $72.83, the highest since October 2018. "Demand growth is outpacing supply and will continue to do so over the coming months," said Stephen Brennock of oil broker PVM. Brent has risen 44% this year, supported by supply cuts led by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, and a demand recovery expected to gather pace in the second half. Despite some easing of...

On the domestic front, nearly 90 per cent of the crop has already arrived in the country while the new crop season is far away. All in all, there is a bullish price scenario for this year.

By Tapan Patel Commodity prices traded mixed on Wednesday after trading lower in the previous session. On Tuesday, most of the commodities in the non-agro segment witnessed selling except crude oil. Bullion prices traded lower on US FOMC speculation while base metals kept to lower trade on China's policy action fears to cool down rising prices. Crude oil prices traded higher on strong demand outlook. The dollar index traded firm above 90.50, underpinning demand for commodities. Here is a look at how different commodities are behaving in today’s market. Outlook: Bullion Bullion prices traded steady on Wednesday with spot gold price at COMEX was trading near $1860 per ounce while spot silver price at COMEX was trading marginally up at $27.74 per ounce in the morning trade. The precious metals traded under pressure as traders and investors are waiting for the outcome of US FOMC meeting. The speculation of scaling back stimulus has kept bullion prices lower. The Fed may signal any...

Gold futures on MCX were up by 0.08 per cent or Rs 37 at Rs 48,461 per 10 grams. Silver futures shed 0.41 per cent or Rs 291 to Rs 71,539 per kg.