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COMMODITY MARKET: GOLD PRICE FALL BELOW RS. 48,000 ON WEAK US INFLATION DATA

Commodity prices traded negatively on Thursday as base metals traded negatively with gold traded down. Crude oil prices also traded downside in the evening session. On MCX, Natural Gas, CPO, Zinc, Mentha oil, Lead, Aluminium, Silver, Cotton were trading with gains. At the same time, Crude oil, Nickel, Gold witnessed a negative trend throughout session.

Commodities Buzz:

Gold and silver prices on Thursday traded mixed mirroring trend in the international markets. On the MCX, gold futures for April delivery quoted below Rs. 48000 at Rs. 47974 per 10 gm, down 0.08 %. Silver on the other hand was up in trade by as much as 0.10 % at Rs. 68995 per kg. MCXBULLDEX Feb delivery was 0.01 % down at Rs. 15165 unit. Internationally, gold's appeal took a hit and prices eased. Bullion prices traded weak with dollar recovery and weak US inflation data.

Crude oil prices were trading above half a percent down to 4249 per barrel on Thursday. Crude oil prices traded under pressure on broader weakness in commodities with dollar recovery. The bullish weekly inventory data and demand hopes failed to cheer oil prices on Thursday. Crude oil Feb future delivery was down by 0.84% to Rs. 4249 per barrel. The Natural Gas stood at biggest gainer of the day and jumped by 2.84% at Rs. 217.30 per mmBtu. Natural gas for February delivery touched an intraday high of Rs 218.80 and an intraday low of Rs 215.30 per mmBtu on MCX.

Base metals complex traded mixed with Zinc, Lead and Aluminium prices traded firm while copper and nickel were trading marginally down in the morning trade. Base metals downside is capped witnessing strong recovery on supply crunch and higher demand expectations. MCXMELTDEX Feb delivery down 0.11 % up at Rs. 14145 unit.

All the Agri commodities were trading positively. CPO gained by 0.66% to Rs. 1088.50 per 10 kg. Mentha oil was trading up by 0.41% at Rs. 963.90 per kg. Cotton Feb future was trading higher by 0.09% at Rs. 21420 per bales.



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