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Spot bullion — which rallied close to a record last week — initially sank more than 1% before rebounding to trade little changed near $2,440 an ounce.
Brent crude futures inched down 4 cents, or 0.1%, to $76.77 a barrel by 0035 GMT, while U.S. West Texas Intermediate crude futures were at $73.39 a barrel, down 13 cents, or 0.2%.
Any notable increase in US jobless claims after reaching a one-year high last week may confirm a sharp slowdown and elicit a stronger reaction from market participants.
The yellow metal is on track for its biggest weekly gain since April 5. US gold futures climb 1.1 percent to $2,507.80
According to Geojit, Rainfall over India is likely to be above normal in the second half of the Jun-Sep monsoon season as La Nina conditions are expected to set in by the end of August, the India Meteorological Department said.
According to Geojit, The Cotton Association of India today said it has retained the country's production estimate for 2023-24 (Oct-Sep) at 31.8 mln bales (1 bale = 170 kg).
According to Geojit, the forecast of above-normal rainfall this season has boosted the acreage of key crops such as pulses and oilseeds from the previous year. The area under paddy, one of the main kharif crops, was tad down 0.2% on year at 21.6 mln ha as of today.
Analysts are hopeful of higher prices in 6-12 months, and as demand rebounds in 2025, higher levels could again be tested.
According to Geojit, The Centre has set the domestic sugar sales quota for August at 2.2 mln tn, down from 2.4 mln tn last month, the food and public distribution department said in a post on social media platform X.
Brent crude futures gained 20 cents, or 0.3%, to $81.33 a barrel at 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.1%, to $77.25 a barrel.
Bank of Japan policy decision will also be closely watched amid tightening expectations, contrasting with anticipated rate cuts by the Federal Reserve and the European Central Bank.
Analysts said customs duty cut has made gold imports cheaper. The move will help curb the rampant issue of gold smuggling, leading to growth in the organised jewellery sector.
According to Geojit, Farmers in Gujarat have sowed kharif crops across 6.3 mln ha as of Monday, down 8.4% from the previous year, according to the state acreage report.
Spot gold rose 0.4% to $2,374.14 per ounce by 0235 GMT, but was down 1% for the week. U.S. gold futures climbed 0.7% to $2,371.00.
Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. U.S. West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel.
According to Geojit, Farmers in Gujarat have sowed kharif crops across 6.3 mln ha as of Monday, down 8.4% from the previous year, according to the state acreage report. Kharif crops are sown at the beginning of the first rains during the southwest monsoon season around June, and harvested at the end of the monsoon season around October.
Brent crude futures for September fell 38 cents, or 0.5%, to $81.33 a barrel by 0129 GMT. U.S. West Texas Intermediate crude for September slid 33 cents, or 0.4%, to $77.26 per barrel.
According to Geojit, Farmers in Gujarat have sowed kharif crops across 6.3 mln ha as of Monday, down 8.4% from the previous year, according to the state acreage report.
Brent crude futures for September rose 46 cents to $81.47 a barrel by 0020 GMT. U.S. West Texas Intermediate crude for September increased 42 cents to $77.38 per barrel.
According to Geojit, The area under kharif soybean in 2024 is 11.8 mln ha, down just 0.3% from the previous year, according to a survey by the Soybean Processors Association of India.
Brent crude futures for September fell 9 cents to $82.31 a barrel by 0005 GMT. U.S. West Texas Intermediate crude for September declined 10 cents to $78.30 per barrel.
According to Geojit, the Securities and Exchange Board of India has approved the relaunch of yellow peas futures on the National Commodity & Derivatives Exchange, two officials with the exchange told Informist.
Brent crude prices were up 48 cents, or 0.57%, at $83.10 a barrel by 0035 GMT, and U.S. West Texas Intermediate crude futures rose 42 cents, or 0.52%, to $80.55.
According to Geojit, The weighted average rainfall across the country on Wednesday was 7.0 mm, 28% below the normal of 9.7 mm, the India Meteorological Department said.
According to Geojit, The area under kharif crops in Maharashtra rose 39.5% on year to 12.3 mln ha as of Monday, according to the state agriculture department.
