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Gold, Crude and Silver Updates for 6 Sept 2016

Gold, Crude and Silver Updates for 6 Sept 2016

Gold futures ended higher in the domestic market on Monday with analysts continuing to credit a U.S. jobs report that appeared to lower the chances for an interest-rate increase at the Federal Reserve’s meeting later this month.

The prospect of lower rates for longer can weigh on the dollar & boost the appeal of dollar-priced commodities, as they become cheaper for holders of other currencies. It also can help keep some investors from abandoning precious metals in favor of assets that pay interest.

At the MCX, Gold futures for October 2016 contract ended at Rs 30,972/10 gram, upward by 0.17 % after opening at Rs 30,930, against the last ending price of Rs 30,920. It touched the intra-day max of Rs 31,019.

Silver futures ended higher in the domestic market on Monday as speculators widened their bets amid a strong trend overseas. Market analysts said speculative position built upward by participants, driven by firm global trend, mainly attributed to the rise in silver prices at futures trade. At the MCX, Silver futures for September 2016 contract ended at Rs 46,465, per 1 kg, upward by 0.98 % after opening at Rs 46,110, against the last ending price of Rs 46,015. It touched the intra-day max of Rs 46,525.

Crude oil futures ended higher in the domestic market on Monday following a report that Saudi Arabia’s energy minister, Khalid A. Al-Falih, was set to make a significant announcement at the G-20 meeting in China. That raised expectations that the Saudis & Russians would say they had agreed on an output cap aimed at lifting energy prices.

At the MCX, Crude oil futures for September 2016 contract ended at Rs. 2980/barrel, upward by 0.17 %, after opening at Rs. 2984, against the last ending price of Rs. 2975. It touched the intra-day max of Rs. 3065.

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