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COMMODITY MARKET UPDATES FOR NOVEMBER 24, 2016

Gold futures closed lower in the domestic market on Wednesday as the dollar jumped after largely upbeat economic data.

Prices for the metal made modest moves above and below the settlement level in electronic trading as minutes from the Federal Reserve’s November meeting pointed to an interest-rate increase “relatively soon.”

Higher rates are typically negative for nonyielding gold and positive for the dollar, which can cut demand for precious metals priced in the greenback.

At the MCX, gold futures for December 2016 contract ended at Rs 28807 per 10 grams, down by 1.14 per cent, after opening at Rs 29,179 against a previous close of Rs 29,139. It touched the intra-day low of Rs 28,716.

Crude oil futures closed higher in the domestic market on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies in the week ended Nov. 18 fell by 1.3 million barrels.

Analysts polled by S&P Global Platts expected supplies to be unchanged, while a survey from The Wall Street Journal forecast an increase of 800,000 barrels. At the MCX, crude oil futures for December 2016 contract closed at Rs 3313 per barrel, up by 1.69 per cent, after opening at Rs 3286, against a previous close of Rs 3258. It touched the intra-day high of Rs 3341.

Silver futures closed lower in the domestic market on Wednesday 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 40,500 per kg, down by 0.71 per cent, after opening at Rs 40,784, against a previous close of Rs 40,790. It touched the intra-day low of Rs 39,969.

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