GOLD PRICES IN INDIA EXTENDED THEIR LOSSES FOR THE THIRD CONSECUTIVE DAY

At the MCX, Gold futures for Oct 2019 contract was trading at Rs. 37640.00 per 10 gms, down by 0.55 %, after opening at Rs. 37756.00 per 10 gms , against a previous close of Rs. 37849.00 per 10 gms. It touched the intra-day low of Rs. 37532.00 per 10 gms and high of Rs. 37756.00 per 10 gms.

Precious metals opened flat but drifted lower in the opening trade on Thursday after the US Fed cut policy rates by 25 basis points. Gold and silver prices in India have remained choppy over the past few days since hitting record highs earlier this month. Volatile global prices and rupee have also kept domestic price of gold and silver choppy.

Oil prices rose sharply on today, supported by supply risks brought about by last weekend’s drone attacks on Saudi oil infrastructure and a cut in U.S. interest rates.

MCXCOMDEX opened with positive note at 3998.81 and traded up by 0.52% at 4014.33. Commodities like Crude oil, Natural Gas, Cotton Nickel, Lead, Aluminium were stood as top gainers, gained by 1.88%, 0.43%, 0.25%, 0.24%, 0.19%, 0.18% respectively. On the other hand, Cardamom, Silver, Gold, Mentha oil, CPO, Copper futures were stood as top losers, lose by 0.80%, 0.76%, 0.55%, 0.28%, 0.12%, 0.02% respectively.

Equities continued to slide on Thursday due to the absence of any positive triggers. Banking & financials, metal, technology and pharma stocks pulled benchmark indices lower also. The Sensex was down 470.41 points or 1.29% at 36093.47, while Nifty was down 135.90 points or 1.25% at 10704.80.