Commodity prices opened lower as bullion, energy and base metals traded negatively while agri commodities traded mixed. Kapas , Cotton futures opened with positive note and continued to trade with gains. Currently, Kapas Apr future is trading over half per cent up and Cotton registering flat gains in early trade.
Gold prices in India today struggled near 10-month lows amid weak global cues. On MCX, Gold Apr future was trading down 0.54% to ₹45304 per 10 gram and touched a low of ₹45280. At MCX, Gold has support at Rs 45330-45100 and resistance is placed at Rs 45770-45920.May silver futures were trading 0.69 percent lower at Rs ₹68736 a kilogram. In global markets, gold prices edged lower today as firm US Treasury yields exerted pressure on non-yielding bullion. A rally in global equities on economic optimism and strengthening of US dollar continue to hit the safe-haven status of gold and thus the price of the commodity.
Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists.