Brent crude futures for July slid 61 cents, or 0.5%, to $112.81 a barrel by 0402 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery dropped 55 cents, or 0.5%, to $109.74 a barrel. Both benchmarks fell by more than $1 earlier in the session.
Tapan Patel of HDFC Securities expects gold prices to trade sideways to up for the day with COMEX Spot gold support at $1840 and resistance at $1870 per ounce. MCX Gold June futures support lies at Rs 50600 and resistance at Rs 51200 per 10 gram.
According to Geojit , The government's surprise ban on wheat exports amid rising inflation and food security concerns has left 2 mln tn of the staple grain stranded at major Indian ports as of May 16, trade sources told Informist.
Spot gold held its ground at $1,852.84 per ounce, as of 0048 GMT, after scaling to its highest since May 9 at $1,865.29 on Monday. U.S. gold futures gained 0.3% to $1,852.40.
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"A pullback can be seen so buying can be initiated at lower levels where gold has resistance at Rs 51100 and support at Rs 50500. Silver has resistance at Rs 62300 and support at Rs 60500," said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
Lower fuel taxes will help lower runaway inflation and ease the burden on the common man. But the measures to lower steel prices are likely to hurt steel producers
South Indian spinning mills are being shut down, citing the unprecedented rise in cotton prices. The Indian textile industry is at risk of becoming uncompetitive
According to Geojit , Acreage under tur across the country is expected to shrink by 11-15% to 4.3-4.5 mln ha in 2022-23 (Jul-Jun) due to fall in prices of the pulse below its minimum support price and rise in prices of other crops like soybean and cotton.
Brent crude futures rose 82 cents to $113.37 a barrel at 0126 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 69 cents, or 0.6%, to $110.97 a barrel, adding to last week's small gains for both contracts.
Spot gold rose 0.3% to $1,850.39 per ounce, by 0039 GMT, their highest since May 12. U.S. gold futures GCv1 also gained 0.3% to $1,847.90.
Commodities attempted some recovery this week but there is still uncertainty if this trend can continue. The dollar is off the highs but may continue to be supported by US Fed's hawkish stance. Outlook for China may also remain clouded unless the virus situation comes under control.
According to Geojit , Indonesia will lift its ban on exports of palm oil from Monday, President Joko Widodo said today.
Rahul Kalantri, VP Commodities, Mehta Equities expects bullion prices to remain volatile in today’s session. Gold has support at Rs 50,330–50,110, while resistance is at Rs 50,740–50,950. Silver has support at Rs 61,140-60,750, while resistance is at Rs 61,950–62,410, he said.
According to the world's largest producer and exporter of the commodity had banned export of palm oil and other cooking oils on Apr 28 in a bid to stabilise rising domestic prices.
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Manoj Kumar Jain of Prithvifinmart Commodity Research expects both the precious metals to remain volatile in today’s session and could find support at lower levels. Gold has support at Rs 50000-49820 and resistance at Rs 50400-50580 while silver has support at Rs 60100-59600 and resistance at Rs 61220-61800, he said.
U.S. West Texas Intermediate (WTI) crude futures for June rose 42 cents, or 0.4%, to $110.01 a barrel, recovering from an early loss of more than $2. WTI for July was up 56 cents, or 0.5%, at $107.60 a barrel.
According to Geojit , The southwest monsoon advanced over some more parts of south Bay of Bengal, entire Andaman Sea, Andaman Islands and more parts of east-central Bay of Bengal, the India Meteorological Department said.
Spot gold held its ground at $1,816.63 per ounce at 0047 GMT. U.S. gold futures edged 0.1% lower to $1,814.10.
The cotton & textile industry is set to form a committee, and submit specific suggestions to the Textile Ministry to tackle price inflation and the demand for export ban. Tune in as Karunya Rao and Manisha Gupta discuss the next steps
Spot gold dropped 0.2% to $1,810.49 per ounce, by 0557 GMT. U.S. gold futures slipped 0.6% to $1,808.10.
Tapan Patel of HDFC Securities expects gold prices to trade sideways to down for the day with COMEX Spot gold support at $1790 and resistance at $1830 per ounce. MCX Gold Gold June support lies at Rs 49800 and resistance at Rs 50600 per 10 gram.
According to Geojit , At a time when India was making its presence felt in the international wheat market, back-to-back policy decisions last week now seem to point at anxiousness among policymakers of the country, the world's second-largest producer of the staple food grain.
Brent crude futures were up $1.15, or 1.0%, at $113.08 a barrel at 0042 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed $1.62, or 1.4%, to $114.02 a barrel, paring some losses after oil prices fell by around 2% in the previous session.