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COMMODITY MARKET UPDATES FOR DECEMBER 30, 2016

Gold futures closed higher in the domestic market on Thursday as the dollar index pulled back from 14-year highs.

Because most gold is priced in dollars, any advances for the greenback make the metal more expensive for other currency holders, presumably lowering demand. Deeper inflation risks could eventually have the reverse effect and boost gold demand as a haven investment.

At the MCX, gold futures for February 2017 contract ended at Rs 27564 per 10 grams, up by 0.97 per cent, after opening at Rs 27,350 against a previous close of Rs 27,300. It touched the intra-day high of Rs 27,589.

Crude oil futures closed lower in the domestic market on Thursday after weekly data showed a rise in U.S. crude inventories.

Oil attempted to turn higher after the Energy Information Administration reported a 600,000 barrel rise in inventories last week but soon returned to negative territory.

At the MCX, crude oil futures for January 2016 contract closed at Rs 3665 per barrel, down by 1.11 per cent, after opening at Rs 3690, against a previous close of Rs 3706. It touched the intra-day low of Rs 3649.

Silver futures closed higher in the domestic market on Thursday as participants raised their bets amid firming global trends. Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas.

At the MCX, silver futures for March 2017 contract closed at Rs 39,665 per kg, up by 0.62 per cent, after opening at Rs 39,655, against a previous close of Rs 39,420. It touched the intra-day high of Rs 39,843.

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