Gold futures closed lower in the domestic market on Thursday with the dollar gaining ground against most currency rivals and U.S. equities trading mostly higher after Federal Reserve Chairwoman Janet Yellen offered a second day of congressional testimony on monetary policy. Gold prices have been posting gains since a solid U.S. jobs report issued late last week, which backed the argument for higher interest rates although likely not at a more aggressive pace than the go-slow approach the Fed has signaled. Still, the prospect for gold-negative interest-rate hikes had sent the yellow metal to their lowest level in about four months last week.
Rising real interest rates low the attractiveness of holding gold because the metal provides no yield, and entices investors to rotate into riskier assets like stocks. Higher rates may also boost the value of the dollar which usually moves in the opposite direction of the gold price.
Gold futures for Aug 2017 contract ended at Rs 27845 per 10 grams, down by 0.02 %, after opening at Rs 27,950 against a previous close of Rs 27,851. It touched the intra-day lower of Rs 27,812.
Silver futures closed low in the domestic market today 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. White metal futures for Sept 2017 contract closed at Rs 36,571 per kg, downward by 1.07 %, after opening at Rs 37,055, against a previous close of Rs 36,968. It touched the intra-day lower of Rs 36,530.
Crudeoil futures closed high in the domestic market with prices finding support from the largest weekly decline for U.S. crude inventories in 10 months and a forecast for stronger growth in demand this year. Traders, however, remained wary of recent reports revealing further gains in global production, particularly after the International Energy Agency said global oil supply rose in June. While demand growth has generally met expectations, the supply side continues to prove worrisome for oil bulls, with U.S. production forcing upward revisions, and OPEC compliance levels falling off.
Crude oil futures for July 2017 contract closed at Rs 2965 per barrel, up by 0.54 %, after opening at Rs 2952, against a previous close of Rs 2949. It touched the intra-day higher of Rs 2985.
Mentha oil futures were trading higher during the morning trade in the domestic market on Friday amid pick-up in demand at domestic spot market and restricted supplies from producing regions.Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
Mentha oil futures for July 2017 contract is trading at Rs 948.50 per kg, up by 0.54 %, after opening at Rs 947.50, against the previous closing price of Rs 943.40. It touched the intra-day higher of Rs 951.30.
Cardamom futures were trading low during the morning trade in the domestic market on Friday as speculators booked profits at prevailing levels amid easing demand in the spot market. Analysts said besides profit booking by participants at existing level; fall in demand against adequate stocks position, mainly led to decline in cardamom prices at futures trade.
Cardamom futures for Aug 2017 contract was trading at Rs 1019 per kg, down by 0.36 %, after opening at Rs 1025, against a previous close of Rs 1022.70. It touched the intra-day lower of Rs 1018.