Tuesday, 2 August 2016

Commodity MCX Market Live

Gold Futures Slide on Weak Global Cues 
Gold futures fell by 0.23 per cent to Rs 31,460 per 10 grams today as participants cut bets amid a weak global trend. Besides, profit-booking by speculators weighed on gold prices. At the Multi Commodity Exchange, gold for delivery in August shed Rs 74, or 0.23 per cent, to Rs 31,460 per 10 grams in a business turnover of 2 lots. Also, the metal for delivery in far-month October declined by Rs 67, or 0.21 per cent, to Rs 31,495 per 10 grams in 92 lots. Market analysts attributed the fall in prices to weak trend overseas and profit-booking by participants at existing levels. 
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Oil Prices Push Higher after Entering Bear Market 
Oil prices pushed higher today, scraping back losses as bargain-buyers took advantage of a weaker dollar, the day after slipping into a bear market. Crude dipped below USD 40 a barrel yesterday after US data pointed to an unexpected increase in commercial oil and gasoline supplies, adding to concerns about a lasting supply glut. Oil settled down more than a fifth from its June highs in New York, meaning it is now in a bear market by the most common definition of the term. Prices scraped back some of their losses on Tuesday after disappointing US GDP growth figures hurt the greenback, making dollar-priced oil cheaper for those using other currencies.

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