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COMMODITY MARKET UPDATES FOR NOVEMBER 22, 2016

Gold futures closed higher in the domestic market on Monday as the highflying dollar cooled its advance.

Meanwhile, expectations that a Trump administration could usher in greater infrastructure spending has fed expectations for higher industrial metals demand. Higher rates tend to dull demand for nonyielding gold while a richer dollar leaves gold priced in the U.S. currency less attractive to buyers using other currencies.

At the MCX, gold futures for December 2016 contract ended at Rs 29081 per 10 grams, up by 0.50 per cent, after opening at Rs 29,024 against a previous close of Rs 28,937. It touched the intra-day high of Rs 29,200.

Crude oil futures closed higher in the domestic market on Monday as investors continued to bet that the Organization of the Petroleum Exporting Countries will reach a production deal at the end of the month.

Prices were buoyed by news that the energy ministers from two of OPEC’s most reluctant members in terms of cutting output, Iraq and Iran, are backing the proposal. The cartel meets Nov. 30 when it will formally decide on strategy for the first half of 2017.

At the MCX, crude oil futures for December 2016 contract closed at Rs 3312 per barrel, up by 5.38 per cent, after opening at Rs 3162, against a previous close of Rs 3143. It touched the intra-day high of Rs 3321.

Silver futures closed higher in the domestic market on Monday after 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 December 2016 contract closed at Rs 40,475 per kg, up by 0.22 per cent, after opening at Rs 40,467, against a previous close of Rs 40,388. It touched the intra-day high of Rs 40,784.

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