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Commodity Important Updates for 21 Oct 2016

Commodity Important Updates for 21 Oct 2016

Gold trading range for the day is 29769-30133.Gold eased slightly as dollar rose and ECB left interest rates unchanged, maintaining the parameters of its 1.74 trillion euro asset buying schemeFeds Dudley saidthe U.S. central bank will likely raise interest rates later this yearif the economy remains on its current trajectory.Indias gold imports in the first nine months of 2016 are estimated to have slumped 59 percent from a year ago to 268.9 tonnes.

Silver futures ended lower in the domestic market on Thursday as participants engaged in trimming their positions taking weak cues from global market. Market men 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 ended at Rs 41,990/kg, downward by 0.48 %, after opening at Rs 42,350, against a last close of Rs 42,194. It touched the intra-day low of Rs 41,821.

Crude oil futures ended lower in the domestic market on Thursday after data showed an unexpected weekly drop in U.S. crude supplies and optimism surrounding the Organization of the Petroleum Exporting countries’ plan to limit output lifted prices in New York to their highest level since mid-July of last year.

At the MCX, crude oil futures for October 2016 contract ended at Rs 3395/barrel, downward by 2.22 %, after opening at Rs 3463, against a last close of Rs 3472. It touched the intra-day low of Rs 3385.

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