Gold prices were unchanged in early Asian trade on Wednesday, as the precious metal was caught between a firmer dollar and safe-haven demand driven by the Delta coronavirus variant fears. FUNDAMENTALS Spot gold was flat at $1,785.66 per ounce by 0103 GMT, after hitting its highest since Aug. 6 at $1,795.25 on Tuesday. US gold futures were flat at $1,787.20. The dollar hit a nine-month high against the euro on Wednesday and held near recent peaks on other majors. Gold often competes with the dollar as a safe store of value during political and financial uncertainties, with a higher dollar also making gold more expensive for those holding other currencies. US retail sales fell more than expected in July as shortages depressed motor vehicle purchases and the boost to spending from the economy's reopening and stimulus checks faded, suggesting a slowdown in growth early in the third quarter.

Brent crude was down 5 cents or 0.1% at $68.98 a barrel by 0139 GMT, having fallen 0.7% on Tuesday. US oil lost 6 cents or 0.1% to $66.53 a barrel after dropping 1% in the previous session.

New Delhi: Gold prices in the national capital rallied by Rs 446 to Rs 46,460 per 10 grams on Tuesday, with recovery in global precious metal prices and rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 46,014 per 10 grams. Silver also gained Rs 888 to Rs 62,452 per kg, from Rs 61,564 per kg in the previous trade. The Indian rupee declined 3 paise to 74.27 against the US dollar in opening trade on Tuesday, tracking the firm American currency. In the international market, gold was trading higher at USD 1,793 per ounce and silver was flat at USD 23.88 per ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said gold prices extended gains on worries over fast spreading Delta variant cases.

On the Multi Commodity Exchange, crude oil for the August delivery dropped by Rs 409, or 0.8 per cent, to Rs 4,966 per barrel with a business volume of 4,643 lots.

On the National Commodity and Derivatives Exchange, soybean for August delivery rose by Rs 184, or 2.01 per cent, to Rs 9,361 per quintal with an open interest of 2,235 lots.

On the National Commodity and Derivatives Exchange, guar seed contracts for August delivery was trading at Rs 4,869 down by Rs 61, or 1.24 per cent per 10 quintal with an open interest of 280 lots.

On the National Commodity and Derivatives Exchange, coriander for August delivery went up Rs 78, or 1.05 per cent, to Rs 7,500 per quintal with an open interest of 55 lots.

Tapan Patel Commodity prices traded mixed on Monday with bullion in green, paring early loses while base metals traded lower on weak China and US data. Crude oil prices extended decline on weaker demand outlook over growing virus worries. The dollar index ended up by 0.12% for the day. Here is a look at how different commodities are behaving in today’s market. Outlook: BullionBullion prices traded steady on Tuesday with spot gold prices at COMEX near $1,786 per ounce, while spot silver prices at COMEX trading marginally up at $23.86 per ounce in morning trade. The precious metals extended weekly gains, witnessing recovery from the day's low on wake of disappointing economic data and worries over fast spreading Delta variant cases. The fall in US bond yields supported bullion rally which fell to 1.25% for the day. We expect bullion prices to trade sideways to up for the day on mixed global cues. Trading Strategy:

In the spot market, highest purity gold was sold at Rs 46,993 per 10 gram while silver was priced at Rs 62,887 per kg on Monday, according to the Indian Bullion and Jewellers Association.

Brent crude was up 13 cents, or 0.2%, at $69.64 a barrel by 0055 GMT, after falling 1.5% on Monday. US oil climbed by 14 cents, or 0.2%, to $67.43 a barrel, having lost 1.7% the previous day.

variant cases offset pressure from a firmer dollar. FUNDAMENTALS Spot gold was little changed at $1,787.90 per ounce by 0105 GMT, after hitting its highest since Aug. 6 at $1,788.97 on Monday. US gold futures eased 0.1% to $1,788.40. The US dollar, which is also often seen as the ultimate safe-haven currency, held firm against other rivals. The number of new Covid-19 cases fuelled by the highly contagious Delta variant jumped about 81% over the past 14 days to 1.67 million cases in the United States, according to a Reuters tally. Investor focus is now on the minutes of Federal Reserve's July meeting due on Wednesday for cues on the central bank's stimulus tapering.

Mumbai: Sebi late on Monday asked agro commodities trading bourse NCDEX to not launch any futures contracts on chana (gram/chickpea). What has raised eyebrows is that the directive, a three-liner, came on a Sebi holiday, and when there hasn’t been much divergence in the prices of chana in the past few months. Commodity market players said it is likely the directive came from the government and Sebi only issued the circular. “Only squaring up of position will be allowed. These directions will be implemented with immediate effect,” it said. Commodity market players said, in the past few weeks, futures contracts on chana have been trading around the government-directed minimum support price (MSP) of Rs 5,100 per quintal for 2020-21. It’s yet to announce the MSP for chana (gram) for 2021-22. “It may be that the government will soon announce the MSP and, hence, moved ahead of time to keep speculation under control,” said a leading commodities trader. If the futures price of a...

LONDON: Oil fell by over 3 per cent on Monday to a one-week low, dropping for a third session after official data showed refining throughput and economic activity slowed in China, an indication that COVID-19 outbreaks are crimping the world's second-largest economy. Brent crude was down $2.21, or 3.1 per cent, at $68.38 a barrel by 1347 GMT. U.S. oil fell by $2.42, or 3.5 per cent, to $66.02. Chinese factory output and retail sales growth slowed sharply in July, data showed, missing expectations as flooding and fresh outbreaks of COVID-19 disrupted business activity. China's crude oil processing last month also fell to the lowest level on a daily basis since May 2020 as independent refiners cut production in the face of tighter quotas, elevated inventories and falling profits. China is the world's biggest oil importer. "(Concerns) about the spread of the Delta variant in China and the effects this will have on oil demand are continuing to weigh on prices," Commerzbank...

New Delhi: Gold prices declined by Rs 42 to Rs 45,960 per 10 gram in the national capital on Monday in line with weak global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 46,002 per 10 gram. Silver plunged by Rs 505 to Rs 61,469 per kg from Rs 61,974 per kg in the previous trade. In the international market, gold was trading lower at USD 1,774 per ounce and silver was flat at USD 23.50 per ounce.

India is the world’s largest guar producer accounting for 80-85 percent of the world’s output while the state of Rajasthan is the country’s top producer with 80 percent market share in the domestic market.

On the Multi Commodity Exchange, nickel contracts for the August delivery traded lower by Rs 9.10, or 0.61 per cent, to Rs 1,480.10 per kg with a business turnover of 1,795 lots.

On the Multi Commodity Exchange, crude oil for the August delivery dropped by Rs 95, or 1.87 per cent, to Rs 4,986 per barrel with a business volume of 5,873 lots.

On the Multi Commodity Exchange, copper contracts for the August delivery eased by Rs 8.70, or 1.19 per cent, to Rs 724.65 per kg in a business turnover of 4,527 lots.

On the National Commodity and Derivatives Exchange, soybean for August delivery rose by Rs 441, or 4.93 per cent, to Rs 9,390 per quintal with an open interest of 3,225 lots.

On the National Commodity and Derivatives Exchange, guar seed for August contracts increased by Rs 59, or 1.21 per cent, to Rs 4,939 per 10 quintal with an open interest of 3,055 lots.

On the National Commodity and Derivatives Exchange, coriander for August delivery went up Rs 284, or 3.98 per cent, to Rs 7,422 per quintal with an open interest of 60 lots.

Physical gold demand in Asia got a fillip last week as consumers snapped up bargains after prices dipped across regions, with premiums in top consumers India and China rebounding to multi-month highs.