COMMODITY MARKET UPDATES FOR DECEMBER 02, 2016
Gold futures closed lower in the domestic market on Thursday extending recent weakness after notching the ugliest monthly performance in over three years, as investors shunned assets perceived as havens for riskier stocks and oil.
Gold’s dip was limited, however, as stocks, oil, bond yields and the dollar bounced around after early-week climbs. But most analysts see little change to a fundamental picture that underpins dollar and interest-rate expectations, which are among the most influential factors for metals.
At the MCX, gold futures for December 2016 contract ended at Rs 28010 per 10 grams, down by 1.32 per cent, after opening at Rs 28,400 against a previous close of Rs 28,385. It touched the intra-day low of Rs 27,881.
Silver futures closed lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels.
At the MCX, silver futures for December 2016 contract closed at Rs 39,770 per kg, down by 0.80 per cent, after opening at Rs 39,855, against a previous close of Rs 40,089. It touched the intra-day low of Rs 39,601.
Crude oil futures closed higher in the domestic market on Thursday in the wake of OPEC’s production-cut deal.
Doubts remained over whether OPEC’s members will stick to the agreement when it’s implemented at the start of the new year, though the Organization of the Petroleum Exporting Countries plans to establish a committee to monitor the cuts.
At the MCX, crude oil futures for December 2016 contract closed at Rs 3523 per barrel, up by 4.32 per cent, after opening at Rs 3393, against a previous close of Rs 3373. It touched the intra-day high of Rs 3542.