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Brent crude climbed 49 cents, or 0.5%, to $91.14 a barrel by 0108 GMT. U.S. West Texas Intermediate crude was at $86.96 a barrel, up 37 cents, or 0.4%.
Brent futures for June rose above $91 a barrel before settling up $1.30, or 1.5%, to $90.65. U.S. West Texas Intermediate (WTI) futures for May settled up $1.16, or 1.4% to $86.59 a barrel.
The safe haven allure and the ongoing run up in gold has prompted investors to crave expert opinions, even from timeless quotes on the precious metal, to fathom how much longer could the rally sustain.
Gold prices scale record highs above $2300 an oz. India Gold prices hit all time high at Rs 70248/10gms. MCX June futures lower than April futures. Gold supported from Geopolitical issues, central bank buying and short covering. Global Silver prices also at 26-month high. Catch Manisha Gupta with more details
According to Geojit, The area under summer crops in Maharashtra rose 6% on year to 334,562 ha as of Monday, according to data published by the state agriculture department.
Brent futures rose 43 cents, or 0.5%, to settle at $89.35 a barrel, and U.S. West Texas Intermediate futures gained 28 cents, or 0.3%, to $85.43 a barrel.
Gold has been on a tear since mid-February — setting a record each day so far this week — as investors wager that it stands to benefit from the impending pivot by the Fed.
Silver Prices Near All Time High At ₹78,000/kg, up 10% in one month. Silver prices hit 23 month high above $26 an oz. Silver prices takes support from record gold.1/3rd silver supply consumed by solar industry. Catch Manisha Gupta in conversation with Chirag Thakkar, Director of Amrapali Group on Commodities Corner.
According to Geojit, Malaysia has decided to maintain the export tax rate for crude palm oil at 8% for April, while raising its reference price, according to a notification by the Malaysian Royal Customs Department displayed on the Malaysian Palm Oil Board website.
Bullion rose to a fresh peak above $2,288 an ounce before trading little changed, while silver topped $26 an ounce.
Brent futures for June delivery rose 20 cents, or 0.22%, to $89.12 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for May climbed 17 cents, or about 0.2%, to $85.32 a barrel, at 0015 GMT.
The Dollar Index (DXY00) surged to its highest level in 4-1/2 months, ending with a gain of 0.48%. This uptick was initially fueled by last Friday's robust US February personal spending report, which boosted confidence in the dollar. Furthermore, Federal Reserve Chair Powell's remarks on Friday, indicating no rush to lower interest rates, provided additional support to the dollar. On Monday, the dollar continued its upward trajectory following the release of the stronger-than-expected March ISM manufacturing index, signaling a hawkish stance on Fed policy. In contrast, the Reserve Bank of India introduced regulations stating that exchange-traded rupee derivative transactions should solely serve hedging purposes. The Reserve Bank of India had previously announced in January that, effective April 5, exchanges would be allowed to offer forex derivative contracts involving the rupee for hedging contracted exposure. Watch this edition of Commodities Corner with Manisha Gupta and Amit Pabari, Founder & Managing Director, CR Forex.
Gold prices are at an all time high above $2,250/oz after gaining 10% in Q1 of 2024. Strong gold retail buying in China & Turkey is one of the prominent reasons behind the price surge. Catch Manisha Gupta with more details
According to Geojit, The area under rabi crops in Telangana was at 6.7 mln acres (1 acre = 0.40 ha) as of Wednesday, 8% lower than 7.3 mln acres a year ago, according to data from the state government.
Spot gold was up 1.2% at $2,258.71 per ounce, as of 0328 GMT, after hitting an all-time high of $2,259.49 earlier in the session. U.S. gold futures gained 1.8% to $2,279.10.
Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. U.S. West Texas Intermediate crude was at $83.06 a barrel, down 11 cents, or 0.1%, following a 3.2% gain last week.
A strong labour market could diminish the likelihood of a June rate cut further, while any signs of cooling may prompt the Fed to act sooner to prevent an economic downturn.
According to Geojit, Farmers in Gujarat have sown crops across 868,132 ha as of today for the 2023-24 summer season, down 3.5% from 900,034 ha in the corresponding period a year ago, according to data from the state agriculture department.
Brent crude futures for May were up 29 cents, or 0.34%, at $86.38 a barrel while the more actively traded June contract rose 28 cents, or 0.33%, to $85.69 at 0041 GMT. The May contract expires on Thursday.
According to Geojit, Farmers in Gujarat have sown crops across 868,132 ha as of today for the 2023-24 summer season, down 3.5% from 900,034 ha in the corresponding period a year ago, according to data from the state agriculture department.
Spot gold was down 0.1% at $2,176.29 per ounce, as of 0310 GMT. U.S. gold futures also edged 0.1% lower to $2,175.20.
Brent crude futures for May dropped 69 cents, or 0.8%, to $85.56 a barrel at 0150 GMT. The May contract is set to to expire on Thursday and the more actively traded June contract declined 60 cents, or 0.7%, at $85.03.
Live: MCX Hits Record Volumes on Gold F&O | Gold Prices Up By 7.5%. Watch Commodities Corner with Manisha Gupta and Rishi Nathani, Chief Business Officer, MCX for more details.
According to Geojit, The Solvent Extractors' Association of India has urged the government to direct agencies to set up procurement centres at major mandis to procure mustard seed at the minimum support price.
Spot gold was flat at $2,170.59 per ounce, as of 0310 GMT. U.S. gold futures edged 0.2% lower to $2,171.20 per ounce.
