Mcx Commodity Market News : Morning Session - 30.08.2016
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Crude oil dips growing rate hike expectation
30/08/2016 08:49
CRUDEOIL: DOWN TREND
Crude oil futures closed lower in the domestic market on Monday on growing expectations that the U.S. Federal Reserve could raise interest rates as early as next month and that a group of major crude producers may fail to come up with a pact to stabilize output.
Federal Reserve Chairwoman Janet Yellen on Friday signaled growing conviction that the central bank will raise short-term interest rates in the weeks or months ahead.
A rise in U.S. interest rates usually does not bode well for oil prices, which are priced in the greenback. Higher interest rates could push the dollar higher, making oil products more expensive for traders who hold a different currency.
At the MCX, Crude oil futures for September 2016 contract closed at Rs. 3174 per barrel, down by 0.63 per cent, after opening at Rs. 3190, against the previous closing price of Rs. 3194. It touched the intra-day low of Rs. 3143.
Silver rises on strong global cues
30/08/2016 08:48
SILVER: UP TREND
Silver futures closed higher in the domestic market on Monday as traders created speculative positions taking positive cues from the global market. Market analysts said a firm trend in the precious metals in global market, mainly attributed to the rise in silver prices at futures trade. At the MCX, Silver futures for September 2016 contract closed at Rs 44,429, per 1 kg, up by 1.03 per cent after opening at Rs 43,866, against the previous closing price of Rs 43,977. It touched the intra-day high of Rs 44,480
Gold up on firm global cues
30/08/2016 08:47
GOLD: UP TREND
Gold futures closed higher in the domestic market on Monday as they staged a modest rebound after suffering their largest weekly decline since mid-July.
Strength in the dollar kept gains for the metal in check, with traders eyeing the monthly U.S. jobs report due at the end of the week as the next major catalyst in the effort to solidify their expectations for the Federal Reserve’s monetary policy path.
At the MCX, Gold futures for October 2016 contract closed at Rs 31,077, per 10 gram, up by 0.28 per cent after opening at Rs 30,940, against the previous closing price of Rs 30,990. It touched the intra-day high of Rs 31,093.
