COMMODITY MARKET UPDATES FOR FEB 28, 2017
Gold futures closed higher in the domestic market on Monday with uncertainty ahead of President Donald Trump’s address to Congress Tuesday evening helping to boost the metal’s appeal as a haven investment.
Prices for the shiny yellow commodity logged their highest finish in more than 3� months Monday after notching a fourth-straight weekly gain.
At the MCX, gold futures for April 2017 contract ended at Rs 29690 per 10 grams, up by 0.23 per cent, after opening at Rs 29,587 against a previous close of Rs 29,623. It touched the intra-day high of Rs 29,785.
Silver futures closed higher in the domestic market on Monday 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 43,375 per kg, up by 0.05 per cent, after opening at Rs 43,343, against a previous close of Rs 43,353. It touched the intra-day high of Rs 43,574.
Crude oil futures closed higher in the domestic market on Monday as investors bid up futures contracts on the heels of growing optimism about compliance to a global pact to curb crude output.
For this week, oil traders will be eyeing the weekly U.S. crude inventories and production report as well as the China’s February manufacturing figures as a gauge for global oil supply and demand.
At the MCX, crude oil futures for March 2016 contract closed at Rs 3624 per barrel, up by 0.25 per cent, after opening at Rs 3620, against a previous close of Rs 3615. It touched the intra-day high of Rs 3652.