COMMODITY MARKET: GOLD PRICES TODAY DROP BUT SILVER RATES JUMP NEARLY 1 %

Domestic commodity market was trading mixed on Wednesday as Crude oil and silver prices traded higher while Natural Gas, Gold witnessed some selling pressure. Most of the base metals also traded on weak note.

Commodities Buzz:

Base metals prices traded lower on Wednesday as most of the metals lost. MCXMELTDEX was trading 0.17% lower at Rs. 13499 unit. Base metals demand has been affected due to recent lockdowns on pandemic fears over new strain of coronavirus. Among Base Metals commodities, Nickel, Zinc, Lead were trading negatively while Aluminum and copper were trading positively.

Bullion prices traded mixed as Silver was trading marginally up while Gold was moved downward on today. Gold prices in India continued to trade in a narrow range as investors assess the impact of the pandemic and the pace of vaccine distribution. In the previous session, gold had ended flat, settling Rs.22 higher per 10 gram while silver had declined Rs. 800 per kg. Gold futures on MCX have remained in the Rs.50500 to Rs. 50000 for the past two weeks.

Crude oil prices rose by 0.74% to Rs 3,553 per barrel on Wednesday in futures trade as participants widened their positions on a firm spot demand. Natural Gas traded 1.16% lower and traded negatively throughout morning session.

Agri was trading on positive note as CPO and Cotton future was trading higher, Mentha oil future traded on flat.