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Bullion traded near $2,886 an ounce, after tumbling 1.6% on Friday
The upcoming meeting between top officials from the US, Ukraine, and Russia in Saudi Arabia, aimed at resolving the Russia-Ukraine war, will be pivotal for market sentiment. A successful outcome could weigh on gold and oil prices, while fueling a rally in riskier assets.
According to Geojit Financial Services, Rabi sowing in Andhra Pradesh progressed to 1.8 million hectares as of Wednesday, up 11.2% from 1.6 million hectares a year ago, according to a report released by the agriculture department.
Donald Trump and Vladimir Putin’s agreement to negotiate an end to the Ukraine war has sparked market optimism. Oil prices fell, stock futures rallied, and analysts anticipate energy and food trade flows to improve, though key uncertainties remain.
The tariff and removal of carve-outs implies a significant increase in costs for US consumers. That raises the possibility of negotiations but US will bargain from a position of strength especially after it imposes reciprocal tariffs
According to Geojit Financial Services, The US Department of Agriculture has trimmed its estimate for global oilseed output in 2024-25 to 677.70 million tonnes from 680.35 tonnes projected a month ago, it said in its World Agricultural Supply and Demand Estimates report for February.
The exchange plans to invest an estimated Rs 400-600 crore in this expansion, according to the announcement.
According to Geojit Financial Services, Rabi crops have been sown across 6.5 million hectares in Maharashtra as of Monday, up 10.2% from 5.9 million hectares covered in the corresponding period last year, according to a report by the state agriculture department.
According to Geojit Financial Services, The country's horticulture crop output for 2024-25 (Jul-Jun) has been pegged at 362.1 million tonnes, 2.1% higher on year, according to the first advance estimate released by the Department of Agriculture and Farmers' Welfare.
Gold has hit an eighth record-high level so far this year, driven by Trump’s tariff threats, which have fuelled global growth uncertainties, trade war concerns, and inflationary pressure.
The local unit, however, pared the initial losses and finally settled on a flat note at 87.50 (provisional), unchanged over its previous close.
The US intends to impose a 25 percent tariff on steel and aluminium and also levy reciprocal tariffs on all imports, posing risks to metal producers in particular and industry in general
According to Geojit Financial Services, Rabi sowing in Andhra Pradesh has reached 1.7 million hectares as of Wednesday, marking a 14.8% increase from 1.5 million hectares during the same period last year, according to a report from the state agriculture department.
Spot gold was up 0.3% at $2,868.66 per ounce, as of 0005 GMT, after hitting a record high of $2,886.62 on Friday
Looking ahead, commodity market participants are likely to see continued volatility as they assess the potential impact of China’s counter-tariffs on a range of US products, set to take effect on February 10.
The rupee had declined to its all-time low of 87.5825 on Thursday after breaching the 87 handle on Monday, following the announcement of U.S. tariffs on Canada, Mexico and China.
Spot gold was up 0.4% at $2,867.69 per ounce, as of 0250 GMT, and has gained more than 2% this week. Bullion hit an all-time high at $2,882.16 on Wednesday
Unfavourable weather conditions are leading to a sharp decline in projected sugar output for the ongoing season, while flat realisations for certain feedstock-based varieties of ethanol dampens expectations on that front too
According to Geojit Financial Services, Farmers in India have sown rabi crops over 66.10 million hectares as of Friday, up 1.5% from a year ago, according to data from the Department of Agriculture and Farmers' Welfare.
Saudi Aramco, the world's leading oil exporter, on Wednesday announced it would sharply increase prices to buyers in Asia for March delivery amid rising demand from China and India as U.S. sanctions disrupt Russian supply.
Bullion held above $2,865 an ounce — having added 0.9% on Wednesday — after President Donald Trump said the US could take over Gaza
Bullion reached an all-time peak of $2,849.05 an ounce on Wednesday
Spot gold was up 0.3% to $2,820.69 per ounce by 0252 GMT, after hitting a record high of $2,830.49 in the last session
According to Geojit Financial Services, The Union Budget for 2025-26 (Apr-Mar) announced the launch of the PM Dhan-Dhaanya Krishi Yojana, a comprehensive programme aimed at boosting rural prosperity and resilience.
Commodity markets are now focused on the upcoming US jobs report, particularly given Powell’s emphasis that future rate decisions will remain data-dependent.
