31 October 2015
Mcx Commodity Market news
Gold prices are trading higher today at $1172.1
per ounce while MCX gold prices is trading lower by 1 percent at Rs.27030 per
10 gms. Gold prices although rebounded from lowest level in two weeks is still
near its lowest level in two weeks after the Federal Reserve hinted at a
possible U.S. rate hike in December, thereby raising prospects of rate hike in
December.
Copper prices declined by 0.6 percent as the
Fed downplayed concerns of global growth and sounded optimistic regarding the
recovery in the US economy, thereby raising prospects of an early rate hike in
December. However, weakness in the DX along with plunge of 1.2 percent in LME
stocks restricted sharp fall. MCX copper prices plunged by 0.6 percent to close
at Rs.345.40/kg.
Crude oil rallied by the end
of Friday’s trading as the dollar weakened. The greenback
extended its retreat due to another bunch
of disappointing economic reports from the United States.
Additionally, the number of US oil rigs continued to drop ninth
consecutive week, falling by 16 this week as was reported by Baker Hughes.
The decline of the US currency did
not help gold much. The metal dropped, though its fall was not very big.
The metal has been in decline since October 15th, erasing about half
of this month’s gains.
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