TOKYO: Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors. Brent crude was up 69 cents, or 0.9%, at $74.68 a barrel by 0200 GMT, having risen 1.6% on Tuesday. U.S. crude gained 66 cents, or 0.9%, to $72.78 a barrel, after rising 1.7% in the previous session. "Even non-energy traders are placing bets that oil prices will continue to rise," said Edward Moya, senior market analyst at OANDA. "Everyone is turning overly bullish with crude prices. The crude demand outlook is very robust as recoveries across the US, Europe and Asia, will have demand return to pre-COVID levels in the second half of next year," Moya said. U.S. oil inventories dropped by 8.5 million barrels in the week ended June 11, according to two market sources, citing American Petroleum Institute figures on Tuesday.

Gold prices on Tuesday fell for a third straight day, as an uptick in the dollar dented the safe-haven metal's appeal, while investors awaited the U.S. Federal Reserve meeting for clues on the central bank's monetary policy outlook. Spot gold was down 0.2% at $1,861.96 per ounce, as of 0224 GMT, after falling to its lowest since May 17 at $1,843.99 on Monday. U.S. gold futures eased 0.1% to $1,863.10. "The strengthening U.S. dollar is weighing on gold prices. Technically, gold has broken down a key support level and it seems to be entering into a bearish trend," said Margaret Yang, a strategist at DailyFX. "There seems to be surging demand for the Fed's reverse repo facility, which suggests that liquid conditions in the market are ample. This means that the market is probably prepared to withstand a gradual scaling bag of Fed's asset purchasing." The dollar strengthened 0.1% to hover close to a one-month high versus its rivals, making gold more expensive for other...

Precious metals kept to firm trading range as gold prices hovered near a five-month high gaining above $1,900 on Fed official comments. The US Fed officials said to scale back bond-buying slowly when the economy has made substantial progress.

Gold futures on MCX shed 0.05 per cent or Rs 26 at Rs 49,575 per 10 grams. Silver futures climbed 0.21 per cent or Rs 150 to Rs 72,828 per kg.

The Securities and Exchange Board of India, the regulator appointed by the government, has proposed a new framework laying out the role of spot exchanges, assayers, vaults and traders and the policy is open for public feedback till June 18.

TOKYO: Oil prices rose for a third day on Thursday on expectations for a surge in fuel demand, particularly in the United States and Europe and China, later this year at the same time major producers are maintaining supply discipline. Brent crude futures were up 49 cents, or 0.7%, at $71.84 a barrel by 0233 GMT, the highest since September 2019. The international benchmark gained 1.6% on Wednesday. U.S. West Texas Intermediate crude futures rose 44 cents, or 0.6%, to $69.27 a barrel. Prices earlier rose to as much as $69.32, the most since October 2018, after gaining 1.5% in the previous session. The consensus among market forecasters, including the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, is that oil demand will exceed supply in the second half of 2021, which has spurred the recent run in prices. OPEC+ data shows that by the end of the year oil demand will be 99.8 million barrels per day (bpd) versus supply of 97.5 million bpd. ...

Gold prices hovered near five-month highs on Thursday, supported by a pullback in U.S. Treasury yields, while investors looked ahead to key U.S. economic data later this week. Spot gold was steady at $1,907.67 per ounce, as of 0042 GMT. On Tuesday, gold prices hit their highest level since Jan. 8 at $1,916.40. U.S. gold futures were little changed at $1,910.60 per ounce. The U.S. 10-year Treasury yield slipped below 1.60%, reducing the opportunity cost of holding non-interest bearing gold. The dollar index gave up overnight gains and was trading around 89.913 against its rivals. Focus shifts to U.S. weekly jobless claims data later in the day followed by monthly jobs numbers on Friday, for further clues on economic recovery and rising inflation.

NEW DELHI: Gold slipped by Rs 116 to Rs 48,772 per 10 grams in the national capital on Wednesday in line with a fall in global precious metal prices, according to HDFC Securities. In the previous trade, it had closed at Rs 48,888 per 10 grams. Silver also tumbled Rs 1,291 to Rs 70,836 per kg, from Rs 72,127 per kg in the previous trade. In the international market, gold was trading lower at $1,898 per ounce and silver was flat at $27.74 per ounce.

On the National Commodity and Derivatives Exchange, refined soya oil for the July delivery moved up by 40 paise, or 0.03 per cent, to Rs 1,387 per 10 kg in 14,725 lots.

NEW DELHI: Aluminium prices on Wednesday fell 70 paise to Rs 195.35 per kg in the futures market as participants trimmed their positions on a low trend in the spot market. On the Multi Commodity Exchange, aluminium for delivery in June declined by 70 paise, or 0.36 per cent, to Rs 195.35 per kg in 2,295 lots. Analysts said cutting down of positions by participants on easing demand from consuming industries in the physical market mainly kept aluminium prices lower here.

On the Multi Commodity Exchange, copper contracts for delivery in June traded higher by Rs 2.15, or 0.28 per cent, at Rs 769.20 per kg in a business turnover of 4,123 lots.

Precious metals traded marginally down on risk-on sentiments due to strong economic data from the US. A stronger than expected US manufacturing PMI pressured bullion prices with gold falling from its five-month highs.

Gold futures on MCX shed 0.12 per cent or Rs 61 at Rs 49,364 per 10 grams. Silver futures slipped by 0.55 per cent or Rs 398 to Rs 71,850 per kg.

Spot gold was down 0.1% at $1,898.58 per ounce, as of 0053 GMT, after hitting its highest since Jan.8 at $1,916.40 on Tuesday. U.S. gold futures eased 0.2% to $1,901.90 per ounce.

NEW YORK: Oil prices settled higher on Tuesday, with Brent hitting above $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States as OPEC+ agreed to boost output. Brent crude futures for August settled up 93 cents, or 1.3%, to $70.25 a barrel after hitting $71 earlier in the session - its highest intra-day price since March 8. U.S. West Texas Intermediate crude for July was up $1.40, or 2.1%, to $67.72. Tracking service GasBuddy said Sunday's U.S. gasoline demand, coinciding with the Memorial Day weekend, jumped 9.6% above the average of the previous four Sundays. That was the highest Sunday demand since the summer of 2019. U.S. crude stockpiles were expected to fall by 2.1 million barrels last week, according to a preliminary Reuters poll. Prices were also boosted by Chinese data showing that the country's factory activity grew at its fastest pace this year in May.

NEW DELHI: Gold rose by Rs 285 to Rs 48,892 per 10 gram in the national capital on Tuesday following a rally in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 48,607 per 10 gram. Silver also jumped Rs 952 to Rs 71,850 per kilogram from Rs 70,898 per kilogram in the previous trade. In the global market, gold was trading higher at $1,912 per ounce and silver was flat at $28.32 per ounce. "Gold prices traded higher with spot gold prices at COMEX trading at $1,912 per ounce on Tuesday," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

On the Multi Commodity Exchange, copper contracts for delivery in June traded higher by Rs 2.55, or 0.33 per cent, at Rs 771.40 per kg in a business turnover of 3,998 lots.

On the National Commodity and Derivatives Exchange, soybean contracts for June delivery fell Rs 2, or 0.03 per cent, to Rs 6,871 per quintal with an open interest of 46,000 lots.

SINGAPORE: Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world's top oil consumer. Prices were also boosted after data from China showed that factory activity expanded at its fastest this year in May. Brent crude futures for August gained 94 cents, or 1.4%, to $70.26 a barrel by 0610 GMT. U.S. West Texas Intermediate crude for July was at $67.66 a barrel, up $1.34, or 2% from Friday's close, with no settlement price for Monday due to a U.S. public holiday. Brent earlier hit a session-peak of $70.34, the highest intra-day price since March 8. "While there are concerns over tighter COVID-19 related restrictions across parts of Asia, the market appears to be more focused on the positive demand story from the U.S. and parts of Europe," analysts from ING Economics said in a note on Tuesday. "In the U.S., the summer driving season...

Precious metals traded higher extending gains on mixed global cues as US and Europe markets will return from Holiday. Investors are focused on a weaker dollar over better than expected China factory data.

weakened and investors awaited fresh data on the U.S. economy to feed the debate about inflation. Bullion wiped out losses earlier this year with a 7.8% rise over May amid signs of accelerating inflation. Fresh virus outbreaks and patchy economic data have also boosted gold, which is again drawing investors via exchange-traded funds -- a major driver of last year’s rally. Key data this week include U.S. jobs figures on Friday, following a surprisingly poor reading last month that highlighted potential headwinds to economic recovery. The Bloomberg Dollar Index is threatening to fall to its lowest since 2014 after a second monthly decline in May.

Gold futures on MCX were up by 0.27 per cent or Rs 127 at Rs 49,482 per 10 grams. Silver futures rose by 0.95 per cent or Rs 683 to Rs 72,581 per kg.