Life @ TradeIndia Research

Monday, 7 November 2016

Outlook on MCX Gold, Silver, Crude

Last week, spot gold prices rose by 2.2 percent to close at $1303.8 per ounce on account of weak dollar and uncertainty about the outcome of a tight U.S. presidential race.

Commodity Tips On the MCX, gold prices rose by 2 percent to close at Rs.30557 per 10 gms.

Gold gained as investors weighed the need for a haven before American presidential election against expectations of higher U.S. interest rates

Spot silver prices rose by 2.9 percent last week to close at $18.4 per ounce in line with rise in gold prices and weak dollar.

On the MCX, silver prices rose by 2.3 percent to close at Rs.43398 per kg.

Silver steadied as jitters over U.S. election offset a solid payrolls report that shored up expectations for a U.S. interest rate.

commodity tips

MCX Gold-Silver Outlook 
On an intraday basis, we expect gold silver prices to trade volatile on account of uncertain environment with regards to the US presidential race. Besides, the FED has also kept the rates unchanged in its recent meeting creating further uncertainty about the timing of the rate hike. Meanwhile, the NFP data has missed market expectations with a number of 161000 clouding further uncertainty.

Free MCX Tips On the MCX, gold prices are expected to trade volatile, international markets are trading lower by 1 percent at $1291 per ounce.

Crude Oil 
WTI oil prices declined by 9.5 percent last week to close at $44.1 per barrel as investors reeled from a record weekly surge in U.S. crude inventories, and remained skeptical about whether OPEC can actually implement its planned output cap.

free commodity tips

On the MCX, oil prices declined by 10.4 percent last week to close at Rs.2940 per barrel.

Free Commodity Tips Crude oil dropped as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact.

Crude Oil Outlook 
Oil prices have been falling for whole of last week to levels reached in October after the preliminary agreement by OPEC to cap production, reached at a meeting in Algiers. OPEC has not made clear how much each member should cut, and several have been resistant.

On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 1.09 percent at $44.55 per barrel.

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