Now Get InvestmentGuruIndia.com news on WhatsApp. Click Here To Know More
On Wednesday, Spot Gold prices rose by 1.8 percent crossing the 1500 level to close at $1500.8 per ounce. Prices rose after many central banks around trimmed the interest rates over rising slowdown concerns. India, New Zealand and Thailand trimmed their interest rates yesterday whereas Philippines are expected to cut down later in day.
Moreover, escalating tension between U.S. & China threatened the global economic growth pushed the investors to take shelter under the safe haven asset; Gold. Rising global tension amid recession worries led to rally in Gold prices.
On Wednesday, Spot silver prices ended higher by 3.98 percent to close at $17.1 per ounce.
On the MCX, silver prices dipped by 2.27 percent to close at Rs.42487.0 per kg.
Escalating tension between U.S. & China amid central banks trimming down the rates around the global over recession worries might increase the demand for the safe haven asset, Gold.
On the MCX, gold prices are expected to trade higher today; international markets are trading lower by 0.38 percent at $1513.65 per ounce.
On Wednesday, WTI Crude oil prices dipped over 4 percent to close at $51.1 per barrel. Prices tumbled after witnessing a surge in U.S. Crude inventory amid escalating tension between U.S. & China which might dampen the outlook for global Crude demand.
Constant rising tension between U.S. & China has continued to weigh on the prices as it has raised severe demand concerns for Crude. Prices further dove after the reports stated that U.S. Crude inventory rose by 2.4 billion barrels whereas the analysts expected a drop of 2.8million barrel.
Escalating tension between U.S. & China after the super power nations ended the month long trade truce might raise severe demand concerns for Crude and push the prices lower.
On the MCX, oil prices are expected to trade sideways today; international markets are trading higher by 2.9 percent at $52.57 per barrel.
On Wednesday, base metals prices on the LME were mixed with Nickel being the highest gainer amongst the pack. Nickel prices rose over 3 percent after Indonesia, the second largest exporter of Nickel ore stated that it might soon ban exports which might lead to severe global supply curbs.
Alumina prices dipped in the China after excess of supply in the market. Alumina is the primary raw material used in the production of Aluminium, falling Alumina prices might weigh on the Aluminium prices as well.
The escalating tension between U.S. & China might continue to hamper the prices; however, U.S. officials stated that they might still consider continuing the trade talks with China which might provide some support for the industrial metal prices.
On Wednesday, LME Copper prices ended higher by 0.4 percent to close at $5705 per tonne. Chances of resumption of trade negotiations between U.S. & China, however, no concrete outcome of the intense trade war might cap the gains.
Chances of resumption of Trade talks between U.S. and China might boost the risk appetite amongst investors and in turn support the industrial metal prices.
On the MCX, Copper prices are expected to trade higher today; international markets trading lower by 0.29 percent at $5761.5 tonne
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer