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At the interbank foreign exchange market, the local currency opened at 79.21 and dropped to an intra-day low of 79.85. It clawed back some lost ground to finally end at 79.40, down 25 paise over its previous close of 79.15.
Petrol in Mumbai is being sold for Rs 106.31 per litre and diesel for Rs 94.27.
Brent crude futures for September settlement, due to expire on Friday, gained $3.29, or 3.1%, to trade at $110.43 a barrel by 11:05 a.m. (1505 GMT) after touching their highest since July 5.
Spot gold inched up 0.1% to $1,758 per ounce by 10:39 ET (1439 GMT), having earlier hit a peak since July 6 at $1,767.79. U.S. gold futures rose 0.3% to $1,774.50 per ounce.
Spot gold extended gains on the data, and was last up 1.1% to $1,752.94 per ounce by 10:50 a.m. EDT (1450 GMT), helped along by a subsequent slide in U.S. Treasury yields. U.S. gold futures rose 1.8% to $1,749.10.
The Federal Reserve is expected to approve another big interest-rate hike this week as the central bank combats surging inflation, piling pressure on demand
Central banks including the Federal Reserve - which meets next week to set policy -have been raising interest rates to quell inflation, triggering concerns of a slowdown that’ll sap commodity demand
After rallying for most of the first half following Russia’s invasion of Ukraine, oil prices have been dragged lower in recent weeks by fears of recession and central bank tightening
Hike in customs duty on gold by 5 per cent to 12.5 per cent on June 30 is likely to result in flat revenue growth for gold jewellery retailers in the current financial year compared to the exceptional demand witnessed in the year-ago period.
Brent crude futures were up $2.50, or 2.5%, to $101.60 a barrel by 11:39 a.m. EDT (1539 GMT) while West Texas Intermediate crude rose $2.38, or 2.5%, to $98.16.
Subsequently, CIL awarded the contract for supply of 7.91 lakh tonnes of imported coal to PT Bara Daya Energy Ltd (consortium) to the interested gencos during August and September, sources said.
Gold looks to be in a free-fall, and typically buyers will restrain themselves until the price finds some decent support, said independent analyst Ross Norman.
The dollar soared to a 20-year high, emerging as a preferred save haven amid growing economic risks of late, at gold's expense.
Brent crude futures for September fell by $4.05 to $95.52 a barrel by 1356 GMT and were on track to finish a third session in a row below $100.
The industry is battling with input cost pressure due to considerable rise in major commodity costs, particularly steel, bitumen and cement.
Spot gold fell 0.2% at $1,729.79 per ounce by 1454 GMT. U.S. gold futures fell 0.3% to $1,726.70.
Oil prices soared during the first half of 2022. Brent neared the record high of $147 after Russia launched its invasion of Ukraine in February, adding to supply concerns.
In the international market, gold was trading higher at USD 1,743 per ounce while silver was flat at USD 19.36 per ounce.
The rise in domestic production of edible oil coupled with ease in supply for imports is expected to give scope to cut retail prices.
With central banks including the Federal Reserve jacking up interest rates to tame inflation, investors have been pricing in the consequences of a slowdown even as physical crude markets continue to show signs of vigor and the war in Ukraine drags on
Overall consumption of gasoline and diesel last month was at almost 90percent of June 2019 levels, according to people with knowledge of the energy industry
The group of 23 oil-exporting countries met virtually on Thursday and agreed to add back in August the final tranche of the 9.7 million barrels a day of supply that they agreed to cut back in April 2020
G-7 states are eager to find a way to limit the Kremlin’s energy revenue while mitigating the impact on their own economies from steps to quickly curb their reliance on oil and gas from Russia
Commodity prices showed signs of settling down as copper, a metal which has applications across industries and construction activities, saw its sharpest weekly fall since the pandemic-induced jolt to economic activity in March 2020. The commercial metal slid three percent in Shanghai and seven percent for the week.
Amid worsening outlook for growth and inflation, commodity prices, especially metals have cracked quite significantly. With most metals coming off multi-week lows, Karunya Rao and Manisha Gupta discuss the key factors at play and the likely future outlook
