Given the fact that wedding season has been approaching, Gold prices might shoot in the interim. At the MCX, gold was seeing ending higher yesterday and the prediction is that, it will close on a higher note today as well.
In the last three day session, gold was seen to be on an upward trend. It gained INR 110 to touch INR 32,800 per for 10 grams. Sentiment for buying the commodity was seen on a positive swing as there was continues buying from the local jewellers for meeting the demand for wedding season.
Silver at the MCX was seen trading higher also at INR 77,000 which was at the buying front and INR 78,000 for selling 100 pieces.
At the futures, silver was seen at an upward trend by 0.38 per cent to touch INR 39,670 per kg after speculators were able to raise bets on the helm of overseas trend. Analysts also opined that widening of positions by the traders internationally also influenced prices of silver.
Copper is also looking at a higher range and buying might be advisable at this point. At the MCX, the metal may look at getting a higher support.
Crude oil prices fell by around 1 percent given the US supply as well as cautious reaction from the trade talks between China and United States. At the WTI, the crude oil futures were at USD 51.80 per barrel which was 1.1 percent down than the previous day close.
Oil would remain bullish as investors are seen abandoning crude which could be because of OPEC-led campaign for bringing runaway supplies under scrutiny.
The prices of crude oil witnessed a free fall in 2018 but could reverse its price target as Russia, Saudi Arabia and many major exporters would follow the stricture of slashing production. Oil momentum was seen as the trade war between US and china was curtailed with the new dialogues between the two nations.
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