COMMODITY MARKET: YELLOW METAL UP AFTER 5 DAY FALL, SILVER CLIMBED ABOVE 3% ON TODAY

Domestic commodity market was trading mixed where Bullion and energy segment were trading positively. At the same time, Base metals were trading negatively and agri commodities were mixed. On MCX, Silver stood as top gainer while Nickel was the top loser in last hour of morning session.

Commodities Buzz:

Gold prices railed today after five-day decline, February gold future rose 0.63% to ₹48929 per 10 Gold prices railed today after five-day decline, February gold future rose 0.63% to ₹48929 per 10 gram while silver prices surged 3.66% and crossed ₹70000 per kg. In the previous session, gold had declined 0.5% while silver had surged 1.8%. In India, gold prices are down about 3% or ₹1,500 so far this year, tracking a similar drop in global rates. Gold and silver futures prices in the domestic market traded with gains as low level buying pushed precious metals higher. Silver had surged overnight on global markets after some traders moved to cover short positions on rumours about a GameStop-style squeeze driven by retail investors. MCXBULLDEX Feb delivery was trading 1.35 % lower at ₹ 15521 unit.

Oil prices opened slightly lower in subdued trade on Friday, sticking to ranges seen over the past three weeks, as investors looked for signs of changing supply and demand fundamentals. But turned positive in afternoon hour. Crude oil for the February delivery rose by 0.16 per cent, to ₹3833 per barrel and touched an intraday high of ₹3847 and an intraday low of ₹3801 per barrel. Natural Gas Feb future gave gap up opening and extended their gains as participants increased their long positions as seen by the open interest. Natural gas futures rose to ₹196.30 per mmBtu,

On Today, base metal prices saw a negative trend while the biggest loser was Nickel lose by 1.09% at ₹ 1283.60 per kg. Copper and Zinc were trading lower. At the same time, Lead and Aluminium were trading positively. MCXMELTDEX Feb delivery was trading 0.48 % lower at 13380 unit.

Under Agri index, CPO and Mentha oil were trading positively while Cotton Feb delivery was trading down by 0.56% at ₹ 21020 per bales.