The COVID-19 pandemic has left crude oil stranded and may have caught speculators on the wrong foot
As part of a new nationwide sales tax regime that kicked in on July 1, the Goods and Services Tax (GST) on gold has jumped to 3 percent from 1.2 percent previously, with traders and buyers saying the move will likely force more transactions into the black market.
Goldman cut its WTI crude oil forecast to USD 75 a barrel for the first quarter and second half of next year, down from USD 90 previously, and lowered its Brent forecast to USD 85 a barrel from USD 100 previously.
The Indonesian Rupiah has been under pressure since the beginning of the year, falling close to 4%, as investors look to exit riskier assets.
Growth concerns are what are keeping Indian investors in check as they try and deal with a faltering economy and hold-ups on issues like FDI.
The overall market sentiments have improvement. The optimism of the US economic recovery could support the precious metals like silver and base metal prices today. Reena Walia of Angel Broking recommended a buy on MCX silver March contract around Rs 53,000 per kilogram levels.
The markets have been taking cues of the sentiment across the globe. The economic sentiments, which are negative, can boost up the prices of gold, said Naveen Mathur, associate director of commodities and currencies at Angel Broking. Mathur is bullish on crude and has a buy call on it.
In the current environment, Juerg Kiener the Managing Director & CIO of Swiss Asia Capital expects a QE exercise to help boost the system again.
Tom Price, global commodity analyst at UBS Equities Research joins CNBC-TV18 to provide clarity on the commodities market and tell investors how to trade the various elements.