Mcx Commodity News Silver,crdue,gold : 04.08.2016.
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Silver dips on strong economic data 04/08/2016 08:54
Silver futures closed lower in the domestic market on Wednesday following a stronger-than-expected round of economic data and a stronger dollar.
A stronger dollar makes the precious metal more expensive for those holding other currencies, thus dipping silver demand. Further, strong US economic data raised speculation that the US Federal Reserve may raise interest rates in the near-term, dimming the lure for silver as a store of value.
At the MCX, Silver futures for September 2016 contract closed at Rs 47,645, per 1 kg, down by 0.89 per cent after opening at Rs 48,229, against the previous closing price of Rs 48,071. It touched the intra-day low of Rs 47,629.
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Crude oil up on drop in inventories 04/08/2016 08:54
Crude oil futures closed higher in the domestic market on Wednesday after an unexpectedly large drop in gasoline inventories.
A Wall Street Journal survey of analysts showed the EIA was expected to report that crude stocks declined by 900,000 barrels. Gasoline stockpiles were expected to show a decrease of 300,000 barrels.
At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2741 per barrel, up by 3.83 per cent, after opening at Rs. 2655, against the previous closing price of Rs. 2640. It touched the intra-day high of Rs. 2753
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Gold dips on strong dollar 04/08/2016 08:53
Gold futures closed lower in the domestic market on Wednesday following a stronger-than-expected round of economic data and a stronger dollar.
Looking ahead, gold investors are awaiting the closely watched jobs report on Friday, which tends to have a more significant influence on Wall Street.
Some market participants believe that signs of vitality in employment may give the Fed cause to resume lifting interest rates as early as September, which could boost the dollar and drag precious metals lower.
At the MCX, Gold futures for August 2016 contract closed at Rs 31,599, per 10 gram, down by 0.55 per cent after opening at Rs 31,809, against the previous closing price of Rs 31,775. It touched the intra-day low of Rs 31,592.
