Gold futures ended higher in the domestic market on Monday after a survey showed that US consumer confidence unexpectedly fell to a one-year low in October amid a contentious presidential campaign. Bullion remained under pressure during the day as the dollar rose after U.S. economic data came in within analysts’ expectations, cementing assumptions of an interest rate increase by the Federal Reserve by year-end. Gold is highly sensitive to increases in U.S. interest rates, which can lift the opportunity cost of holding non-interest-bearing gold.
At the MCX, gold futures for December 2016 contract ended at Rs 29726/10 grams, upward by 0.24 %, after opening at Rs 29,673, against a previous end of Rs 29,656. It touched the intra-day high of Rs 29,734.
Silver futures ended 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 ended at Rs 41,920/kg, upward by 0.24 %, after opening at Rs 41,826, against a previous end of Rs 41,821. It touched the intra-day high of Rs 41,990.
Crude oil futures ended lower in the domestic market on Monday as an increase in the number of rigs actively drilling for oil in the U.S. and rising crude output from major producers pushed prices in to lower levels.
Ahead this week, the market will watch for the weekly U.S. crude inventories and production data to be released on Wednesday. China will also release its monthly crude production and throughput data on the same day.
At the MCX, crude oil futures for October 2016 contract ended at Rs 3327/barrel, downward by 0.36 %, after opening at Rs 3356, against a previous end of Rs 3339. It touched the intra-day low of Rs 3306.