The profit booking was seen across commodities. Crude was at a week low and Brent crude remained below USD 100/barrel. Nymex was down 2% to USD 87.5/bbl.
Oil prices fell to a 1-week low, settling at around USD 87 per barrel mark as Egyptian tensions subside, reducing concerns over supply disruptions. It is trading at USD 87.48 per barrel.
The US markets reached multi-year highs boosted by positive earnings. Markets gained further support as President Obama said he wanted to lower the corporate tax rate and eliminate tax loopholes.
India gold edged lower on Monday afternoon in step with overseas markets, but physical buying was dull as traders waited for greater falls ahead, dealers said.
Brent crude headed towards USD 103/barrel. Nymex crude got back above USD 91/barrel. EIA says inventories were up 2.59 million barrels last week.
LME Copper gained over USD 200/tonne yesterday, within striking distance of USD 10000/tonne. US Copper went up by 2%. Copper has gained over 8% in the last week.
Nymex crude saw a high of USD 92.84/barrel. Currently it is trading just below USD 92/bbl..
Asian stocks tumbled and Brent crude futures climbed to a 28-month high near USD 100 a barrel as fears of unrest throughout the Middle East and choking energy prices sparked by deadly protests in Egypt sent investors rushing to reduce risk.
Keeping in view of the stars position bullion traders need to be alert in big volume trading in gold.
All that glitters is certainly gold in the present volatile market conditions, prompting jewellery retail chains to enter the capital market to expand their businesses and raise additional capital.
Shanghai copper fell 0.5% and it has failed to hold USD 9500/tonne. Support for copper is seen at USD 9300/tonne.
India gold recovered a tad on Thursday afternoon, moving away from from its lowest level in 10 weeks, but physical buying retrated as traders were unwilling to place fresh deals hoping for larger falls ahead, dealers said.
Nymex Crude closed below USD 87.5/bbl on Monday and was close to 2011 low of USD 87.25/barrel. Currently it is trading at around USD 87.6 a barrel. Weekly report is expected to show a 1 million barrels rise in inventories.
In an interview with CNBC-TV18’s Latha Venkatesh and Anuj Singh, Mehul Choksi, CMD of Gitanjali Gems spoke about the latest happenings in their company and the road ahead.
Nymex crude was trading above USD 89/barrel today. Crude had lost 2.7% last week. Brent crude was close to USD 98/barrel on the back of higher euro & tight North Sea supplies.
Crude prices tumbled nearly 2% on worries that China may raise interest rates to combat inflation and unexpected rise in US crude stockpiles. It is trading at USD 89.52 per barrel.
N Prasad, CEO, Safetrade Advisors told CNBC-TV18 that gold is in a temporary bounceback sitution from the last two three days internationally.
India's gold futures extended gains for a third day on Tuesday afternoon, touching a level seen late last week, keeping traders away from placing fresh deals as they awaited direction from the rupee, dealers said.
India gold futures are likely to extend losses for third week in a row due to expectations of a strong dollar overseas, though renewed physical interest from traders are likely to limit the downside, analysts said.
CRB Commodity Index ended flat on Friday; was up by 2.8% for the week. US macro data was mixed and China raised banks' reserve requirement ratio by 50 bps again.
Crude oil prices were around USD 91/bbl in Asian trade today. Brent Crude however continued to be closer to USD 99/barrel. Differential at USD 7.5/barrel was at multi month highs.
The prudent investor's balanced portfolio, with an eye not only on return, but also on cutting down risk.
India gold buying retreated on Thursday as prices recovered partly from their lowest level in nearly a week, as supply situation is expected to remain tight until next week, dealers said.
Gold eased on Thursday after rising to its strongest in a week in the previous session, as strong demand for Portugal's bond sale eased concern over the debt crisis in Europe.
India's gold buying retreated on Wednesday afternoon as prices extended gains to hit the highest level in a week, though traders awaited leads from the rupee for direction in the dollar-quoted yellow metal, dealers said.