Onset of monsoon likely to be delayed. When will the monsoon hit your city? Manisha Gupta gets you the IMD forecast.
Gold has support at Rs 50500 and resistance at Rs 51100. Silver has support at Rs 61400 and resistance at Rs 62500, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
According to Geojit , The southwest monsoon has advanced into some parts of southwest Arabian Sea and more parts of southeast Arabian Sea, Maldives and Comorin area, and south Bay of Bengal, the India Meteorological Department said.
Brent crude futures for July dipped 9 cents to $117.31 a barrel at 0247 GMT after rising to as high as $118.17 earlier in the session. The benchmark was on track for a gain of about 4% this week.
Spot gold held its ground at $1,848.59 per ounce, as of 0102 GMT. U.S. gold futures were little changed at $1,846.70. For the week so far, bullion is up 0.2%.
Meanwhile, a top Hungarian aide said the country needs 3-1/2 to 4 years to shift away from Russian crude and make huge investments to adjust its economy and that it could not back the EU's proposed oil embargo until there was a deal on all issues.
Gold market is holding support above $1,850 an ounce, but disappointing manufacturing data is not providing any new bullish momentum for the precious metal as prices remain in negative territory early in the session, said Rahul Kalantri, VP Commodities, Mehta Equities.
According to Geojit , Availability of sugar stocks in the country during Oct-Nov is important as it is the peak festival season, Food Secretary Sudhanshu Pandey said.
Spot gold held its ground at $1,852.27 per ounce, as of 0057 GMT. U.S. gold futures gained 0.3% to $1,852.30.
While domestic demand has remained flat, exports too have been hit by difficulties in shipping tea to Russia and Iran, the two largest buyers of Indian tea
Gold has support at Rs 50,840–50,650, while resistance is at Rs 51,340–51,550. Silver has support at Rs 61,510-60,950 and resistance is at Rs 62,380–62,710, said Rahul Kalantri, VP Commodities at Mehta Equities.
According to Geojit , The government has allowed import of 2 mln tn of crude soyoil and crude sunflower oil per year each at nil duty under the tariff rate quota, the finance ministry said in a release.
India produced 2.47 million tonnes of crude oil in April, down from 2.5 million tonnes in the same month last year, according to data released by the Ministry of Petroleum and Natural Gas.
Brent crude futures for July slid 61 cents, or 0.5%, to $112.81 a barrel by 0402 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery dropped 55 cents, or 0.5%, to $109.74 a barrel. Both benchmarks fell by more than $1 earlier in the session.
Tapan Patel of HDFC Securities expects gold prices to trade sideways to up for the day with COMEX Spot gold support at $1840 and resistance at $1870 per ounce. MCX Gold June futures support lies at Rs 50600 and resistance at Rs 51200 per 10 gram.
According to Geojit , The government's surprise ban on wheat exports amid rising inflation and food security concerns has left 2 mln tn of the staple grain stranded at major Indian ports as of May 16, trade sources told Informist.
Spot gold held its ground at $1,852.84 per ounce, as of 0048 GMT, after scaling to its highest since May 9 at $1,865.29 on Monday. U.S. gold futures gained 0.3% to $1,852.40.
Global metals prices have gained while Indian metals stocks were hit hard as the government imposed export duty on 11 iron and steel intermediates. Will the momentum sustain? Let's find out with Manisha Gupta
"A pullback can be seen so buying can be initiated at lower levels where gold has resistance at Rs 51100 and support at Rs 50500. Silver has resistance at Rs 62300 and support at Rs 60500," said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
Lower fuel taxes will help lower runaway inflation and ease the burden on the common man. But the measures to lower steel prices are likely to hurt steel producers
South Indian spinning mills are being shut down, citing the unprecedented rise in cotton prices. The Indian textile industry is at risk of becoming uncompetitive
According to Geojit , Acreage under tur across the country is expected to shrink by 11-15% to 4.3-4.5 mln ha in 2022-23 (Jul-Jun) due to fall in prices of the pulse below its minimum support price and rise in prices of other crops like soybean and cotton.
Brent crude futures rose 82 cents to $113.37 a barrel at 0126 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 69 cents, or 0.6%, to $110.97 a barrel, adding to last week's small gains for both contracts.
Spot gold rose 0.3% to $1,850.39 per ounce, by 0039 GMT, their highest since May 12. U.S. gold futures GCv1 also gained 0.3% to $1,847.90.
Commodities attempted some recovery this week but there is still uncertainty if this trend can continue. The dollar is off the highs but may continue to be supported by US Fed's hawkish stance. Outlook for China may also remain clouded unless the virus situation comes under control.