On Tuesday, spot gold prices rose half a percent to close at $1329.5 per ounce as the U.S. dollar slipped and markets anticipated the release of impending U.S. inflation data that may offer some clues on the pace of future U.S. interest rate increases.
The dollar dropped against a basket of major world currencies, reversing some of last week's gains, when it enjoyed its best performance since 2016.
On the MCX, gold prices rose 0.21 percent to close at Rs.30336 per 10 gms.
Spot silver prices traded flat and closed at $16.6 per ounce as strength in the base metals pack and weak dollar supported silver prices.
On the MCX, silver prices traded flat at Rs.38760 per kg.
We expect gold prices to trade lower on anticipation of rate hikes by the US FED in its March meeting while dollar movements would decide the fate of the yellow metal from hereon.
On the MCX, gold prices are expected to trade lower today, although international; markets are trading higher by 0.4 percent at $1335 per ounce.
WTI oil prices declined 0.2 percent on Tuesday to close at $59.2 a barrel as a weaker dollar spurred a rebound from an early slide after the International Energy Agency forecast supply could outstrip demand.
The market dipped in post-settlement trading after industry group The American Petroleum Institute said U.S. crude inventories rose by 3.9 million barrels in the week ending Feb. 9.
The U.S. Energy Information Administration will release weekly inventory data tonight.
On the MCX, oil prices declined 0.8 percent to close at Rs.3813 per barrel.
We expect oil prices to trade lower today, international markets are trading lower today by 0.02 percent at $59.18 a barrel. EIA inventory data tonight will be crucial for further movement in oil prices.
On the MCX, oil prices are expected to trade lower today.
Base metals traded higher on Tuesday as sharp weakness in the DX boosted an upside in dollar denominated commodities.
MCX base metals traded higher yesterday in line with international trends.
LME Copper prices surged 2.3 percent on Tuesday to close at $6988/t, pulling back from two month low levels hit in the previous session as stable US equities pushed investors to riskier assets, hurting demand for the greenback.
Apart from this, increased trading activity ahead of the week long Chinese Lunar New year holiday added to the upside.
MCX Copper prices gained 2.4 percent on Tuesday to close at Rs.449.4/kg.
LME Copper prices are currently higher by 0.24 percent at $7005/t. We expect copper to trade higher today as recovery in the global markets will be supportive while sluggish demand will be seen citing week long Chinese Lunar New Year holiday.
MCX Copper prices will likely trade higher today.
To Read Complete Report & Disclaimer Click Here
Click here to open demat account
For More Angel Broking Pvt Ltd Disclaimer http://www.angelsecurities.in/disclaimer.aspx
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer