Gold prices dropped by Rs 25 to close at Rs 31,265 per 10 grams at the domestic bullion market here today on subdued offtake from stockists and jewellers coupled with lack of local buying interests, even as it strengthened overseas.
We may see copper come under pressure and drift lower to test support at Rs 462-460 whereas aluminum and Lead may trend higher to test weekly highs.
A surprise build up in crude oil inventories in the United States also weighed on prices, driving the spread between Brent crude and U.S. West Texas Intermediate (WTI) close to its widest in three years.
Gold prices maintained their rising trend on the domestic bullion market here today due to consistent buying support from jewellers and retail consumers even as the metal weakened overseas.
The minimum selling price of the sugar could hover around Rs 30-32 per kg, a source in know of the matter told Moneycontrol.
Gold prices recovered by Rs 190 to Rs 31,100 per 10 grams at the bullion market here today on scattered buying by local jewellers and retailers, amid firm global cues.
Sectors which are likely to see increasing pressure thanks to a rise in crude oil prices are upstream oil companies.
Brent crude futures were at $79.37 per barrel at 0110 GMT, up 15 cents, from their last close. Brent broke through $80 for the first time since November 2014 last week.
Gold prices declined by Rs 35 to Rs 30,910 per 10 grams at the domestic bullion market here today amid a weak trend overseas and fall in demand from local jewellers.
Sugar prices staged a strong comeback by bouncing up to Rs 200 per quintal at the wholesale market in the national capital today, supported by speculative buying by stockists as well as bulk consumers amid thin supplies.
Brent crude futures were at $79.13 per barrel at 0121 GMT, up 62 cents, or 0.8 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.
Bullion: Gold prices cracked below the Rs 32,000-mark by plunging Rs 450 to end at Rs 31,950 per 10 grams at the bullion market during the week taking weak cues from overseas markets and fall in demand from local jewellers at domestic spot market.
Increased instability in the Middle East alarmed the global oil market. The decision was taken by the U.S. President Donald Trump to quit the multinational nuclear deal on Iran, the third top producer of crude oil, which raised worries over exports from the country.
OPEC's most influential energy minister, Saudi Arabia's Khalid al-Falih, said in a Twitter post that he had called his counterparts in the United Arab Emirates, the United States and Russia, as well as major oil consumer South Korea, to "coordinate global action to ease global market anxiety".
Petrol prices remain highest in Mumbai at Rs 83.45 per litre with the surge of 29 paise
But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.
Spot gold had risen 0.25 percent to $1,293.43 per ounce by 0255 GMT, after marking its lowest since December 27 in the previous session at $1,286.20.
Brent crude futures were at $79.32 per barrel at 0027 GMT, up 4 cents from their last close.
Gold prices eased further by Rs 20 to Rs 31,420 per 10 grams at the bullion market here due to lower demand from stockists and retailers amid bearish global cues.
Sugar prices ended quiet at the wholesale market in the national capital today following scattered buying by stockists and bulk consumers amid adequate stocks.
Brent crude futures , the international benchmark for oil prices, were at $78.37 per barrel at 0028 GMT, up 14 cents from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session.
Gold prices were little changed on Tuesday, as the dollar held on to gains from the previous session after a Federal Reserve official backed the case for further interest rate hikes in the United States.
Booming oil output in the US -- which has threatened to derail other producers' efforts to drive up crude prices -- looks set to expand strongly again this year, OPEC said today.
Gold prices today slipped by Rs 25 to Rs 31,440 per 10 grams at the bullion market here due to subdued demand from stockists and retailers despite higher global cues. Silver prices too declined by Rs 250 to Rs 40,040 per kg following reduced offtake from industrial units.
Investors remained bearish on gold exchange-traded funds (ETFs) as they pulled out Rs 54 crore from the instrument in April, preferring equities over them.