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Brent futures for May delivery were up 36 cents, or 0.44%, at $82.28 a barrel by 0020 GMT. The April U.S. West Texas Intermediate (WTI) crude contract rose 38 cents, or 0.49%, to $77.94.
Catch Manisha Gupta in conversation with Vikram Dhawan, Head of Commodities & Fund Manager at Nippon India Mutual Fund for more details
According to Geojit, The US Department of Agriculture has cut its monthly estimate for global oilseed output for 2023-24 (May-Apr) to 658.68 mln tn from 659.40 mln tn forecast in February.
Brent futures for May delivery rose 23 cents to $82.44 a barrel by 0221 GMT. The U.S. crude April contract rose 17 cents to end at $78.10 a barrel.
Gold surged to record high this week in MCX as weak US economic data and US regional banking jitters have given bulls the boost needed to break out from the last 2 months consolidation. The breakout has been spectacular and has baffled many traders with the ferocity of the move. Gold hits record high at near $2200 an oz India Gold hits all time high above Rs 66,000/10gms .Biggest weekly percentage rise since Mid October .Prices +4% over week, +8% on month. Traders see near 70% chance of 25bps rate cut. Catch Manisha Gupta with more details
Spot gold was steady at $2,178.44 per ounce, as of 0339 GMT. U.S. gold futures were flat at $2,185.30.
According to Geojit, The area under rabi crops in Andhra Pradesh stood at over 1.67 mln ha as of Wednesday, down 10% from a year ago, according to state government data.
Brent futures fell 48 cents, or 0.6%, to $81.60 a barrel at 0129 GMT, while U.S. West Texas Intermediate (WTI) dropped 50 cents, or 0.6%, to $77.51.
In the coming week, the spotlight will be on US inflation numbers. A continuation of the disinflationary trend may add to rate cut bets, boosting gold prices to new highs. Conversely, a hotter-than-expected figure may lead market participants to factor in fewer rate cuts for the year.
Brent crude futures were up 0.45%, or 37 cents, at $83.32 a barrel at 0110 GMT. U.S. West Texas Intermediate crude futures rose 0.61%, or 48 cents, to $79.44.
China and India together account for more than half of total global gold demand.
Gold hits all time high of $2,152/oz. India Gold surges at record above Rs 65000/10gms. Gold gained 19% in the last one year and 6% in the last one month. Catch Manisha Gupta in conversation with Surendra Mehta of IBJA as they discuss surging gold prices. Watch here
Brent crude futures rose 15 cents to $83.11 a barrel by 0021 GMT, while U.S. West Texas Intermediate crude futures rose 18 cents to $79.31 a barrel.
Silver prices trade at a two-month high. Markets price in US Fed rate cuts in June. Support from Industrial metals, rising global equities. Global Silver industrial demand estimate for 2024. Catch Manisha Gupta in conversation with Renisha Chainani - Head of Research - Augmont gold as they discuss different ways to invest in Silver. Watch to know more
According to Geojit, Farmers in Gujarat have sown crops across 289,981 ha as of Monday for the 2023-24 summer season, down 19.4% from 359,645 ha in the corresponding period of last year, according to the state agriculture department data.
Prices were also supported by a weaker U.S. dollar which helps demand for buyers paying in other currencies.
It seems that the ‘bonanza’ period for Bitcoin is not showing signs of a halt. Bitcoin hits $68,800 level, nearly all time high. From what it’s understood, the cryptocurrency crossed the price mark for a second time within a week, since it was last recorded on February 28, 2024. Is the Crypto craze back? Catch Manisha Gupta with more details
Spot gold was flat at $2,114.59 per ounce, as of 0423 GMT, hovering around Monday's levels of $2119.69 that marked its highest point since Dec. 4. Meanwhile, U.S. gold futures edged 0.2% lower to $2,121.60.
According to Geojit, Traders and exporters of cumin seed, or jeera, expect crop production in India to be higher by 70% in 2024 on account of higher sowing and higher yields.
Brent futures for May fell 3 cents to $82.77 a barrel by 0159 GMT, while U.S. West Texas Intermediate (WTI) fell 11 cents, to $78.63.
Gold prices hit 3-month high due to supporting data. Key triggers include easing U.S. inflation, decline in USD & treasury yields support buying. Catch Manisha Gupta with Ajay Kedia, MD, Kedia Advisory
According to Geojit, The number of heat wave days is likely to be higher in most parts of India during Mar-May with above normal maximum temperatures seen across most regions in this period, the India Meteorological Department said.
Looking ahead to the coming week, investors will closely monitor the US ISM Services PMI, Powell's testimony, the ECB policy meeting, and US jobs data.
According to Geojit, The Centre has set the wheat procurement target for 2024-25 rabi marketing season beginning in April at 30-32 mln tn, the Ministry of Consumer Affairs, Food & Public Distribution, said in a press release today.
According to Geojit, Farmers in Andhra Pradesh have sown rabi crops over 1.67 mln ha as of Wednesday, down 10% from the same period a year ago, according to state government data.
