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Crude Oil and Gold Updates for 21 Sept 2016

Crude Oil and Gold Updates for 21 Sept 2016

Crude oil futures ended lower in the domestic market on Tuesday as traders weighed the possibility of a crude output deal following reports that Russia supports a 1 year pact to stabilize prices.

However, weekly data expected to show the first increase in U.S. crude supplies in 3 weeks & a substantial slide by gasoline futures, with a major gasoline pipeline expected to return back to operation on Wednesday, kept prices in check.

At the MCX, crude oil futures for September 2016 contract ended at Rs 2,956/barrel, down by 0.14%, after opening at Rs 2,950, against a last close of Rs 2,960. It touched the intra-day low of Rs 2,907.

Gold futures ended higher in the domestic market on Tuesday as focus remained fixed on the dollar’s next move a day ahead of policy announcements from the U.S. Federal Reserve and Bank of Japan.

Higher U.S. rates, or lower Japanese rates, are seen as dollar-supportive. That could undermine pricing for gold priced in greenbacks.

At the MCX, gold futures for October 2016 contract ended at Rs 30,944/10 grams, upward by 0.13 %, after opening at Rs 30,950, against a last close of Rs 30,903. It touched the intra-day maximum of Rs 31,050.

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