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Published on 28/03/2019 9:34:49 AM | Source: Angel Commodity Pvt Ltd

Gold prices are expected to trade higher today - Angel Commodity

Posted in Commodities Reports| #Commodity Tips #Angel Broking Pvt Ltd

 

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Bullion

Gold

On Wednesday, spot gold prices declined by 0.45 percent to close at $1309.5 per tonne. Recovery in the US Dollar decreased the demand for the yellow metal and pushed the prices lower.

Inversion of the yield curve is commonly considered as an economic recession. Downfall in the 10-year US Treasury yield coupled with falling global equities and global growth concerns continue to weigh on the U.S. Dollar.

Markets will keep an eye on the latest round of U.S.-China trade talks in Beijing which is scheduled on Thursday i.e. today.

Silver

On Wednesday, Spot silver prices traded lower by 0.91 percent to close at $15.3 per ounce.

On the MCX, silver prices declined by 0.77 percent to close at Rs.38554.0 per kg.

Outlook

Worries over global economic slowdown might boost the demand for the precious metal, Gold.

On the MCX, gold prices are expected to trade higher today; international markets are trading lower by 0.12 percent at $1315.35 per ounce.

 

Energy

Crude Oil

On Wednesday, WTI Crude declined by 0.9 percent to close at 59.4 per barrel. Oil prices declined over rising US Crude stockpiles and global economic slowdown.

Increasing U.S. Crude inventory continues to cap gains, last week Crude stockpiles increased by 2.8 million barrels which was against the markets expectation of 1.2 million barrels. Even U.S. net crude imports were up by 114,000 bpd and exports fell by 506,000 bpd.

Concerns over demand for crude capped the gains as manufacturing data from Asia, Europe and the United States signalled towards an economic slowdown.

Markets will have a keen watch on the outcome of the trade talks between US and China in Beijing, scheduled for Thursday i.e. tomorrow.

Outlook

Rising U.S. inventory levels and worries over global economic slowdown might weigh on Crude prices.

On the MCX, oil prices are expected to trade lower today, international markets are trading lower by 0.37 percent at $59.19 per barrel.

 

Base Metals

On Wednesday, base metal on the LME traded positive. LME Lead rose by 1.2 percent to close at $2020.0 per tonne, the most amongst the pack. Recovery in U.S. Dollar amid worries of global economic slowdown and weak manufacturing data overall capped gains for base metal.

Moreover, trade tension between US and China escalated after US commerce department found that China has been exporting steel wheels to United States below its fair value to hamper the local producers. This might risk the chances of a possible trade deal between US and China as the officials of the two nations meet again today in Beijing to discuss their trade relations.

 

Copper

On Wednesday, Copper price rose marginally by 0.1 percent to close at $6335.0 per tonne. The primary route of transporting Copper from the Chinese copper miner MMG has been blocked for over 50 days by the indigenous community.

However, supply disruption at Peru couldn’t support the prices as worries over global economic slowdown and trade tension between US and China weighed on the red metal prices.

Outlook

LME Copper price are currently trading higher by 0.03 percent at $6339.50 per tonne. Concerns over a possible trade deal between US and China might weigh on the red metal prices.

On the MCX, copper prices are expected to trade higher today.

 

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