COMMODITY MARKET: GOLD AND SILVER PRICES RISE AFTER SHARP FALL TODAY

Domestic commodity market was trading mixed on Monday as bullion prices and Crude oil extended their gains while Base metals and Agri commodities were trading negatively. On MCX, Silver, MCXBULLDEX, Gold, GOLDM, Crude oil futures were trading positively.

Commodities Buzz:

Bullion prices started the day with high negative note but turned into positive after a while of trading hour. After hitting a high of ₹51,800 per 10 gram last Tuesday, gold futures on MCX fell to ₹48,635 at day's low today. The volatility in gold prices to rising US bond yields that increase the holding cost of non- yielding assets like gold. Gold prices gained by 0.63% at ₹49274 per 10 gms due to rise in global price of the yellow metal and rupee depreciation. Silver futures on MCX jumped 1.69% to ₹65319 per kg. MCX Gold February resistance for the day lies at ₹49,100 per 10 grams with support at ₹48,500 per 10 grams. MCX Silver March support lies at ₹62,500 per KG, resistance at ₹65,800 per kg.

Energy Commodities were trading mixed where Natural gas traded with lower and Crude oil traded positively. Crude Oil for January inched up 0.29% at ₹3813.00 per barrel and touched an intraday high of ₹3831 and an intraday low of ₹3791 per barrel on the MCX. Natural Gas stood as top loser lose by 3.24% at ₹191.30 per mmBtu.

MCXMELTDEX Jan delivery was trading 1.11 % lower at Rs. 13697 unit. Among Base Metals commodities, Nickel stood as top loser was trading 1.66% lower at Rs. 1271 per kg. Copper dropped 1.33%, Zinc future fell 0.93%, Lead Jan future was trading down by 0.38%.

Agri index was trading negatively as all the commodities were traded down.CPO and Cotton Jan future was trading lower by 0.58% and 0.38% respectively. Mentha oil Jan future was trading 1.00% down at ₹ 986.20 per kgs.