Friday, November 28, 2014

TODAY MCX GOLD & CRUDE OIL REPORT FOR 28 NOV 2014

Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures fell in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as holdings in exchange traded products backed by gold fell to the lowest level in over six years, signaling weakening investment demand for the yellow metal.Holdings in the SPDR Gold Trust, the biggest gold-backed exchange traded product (ETP) fell to the lowest level since September 2008 to 718.82 metric tons on Wednesday.Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,219 per 10 grams, downby 0.54 per cent, after opening at Rs. 26,308, against the previous closing price of Rs 26,362. It touched an intra-day low of Rs 26,131. (At 11:57 AM).

Energy
D A I L Y B U Z Z
CRUDE OIL
Crude oil futures slumped in the domestic market on Thursday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid speculation that the OPEC, which will meet in Vienna today may refrain from cutting production to ease a supply glut and support plunging prices.US oil production surged to the highest level in more than three decades, up 73,000 barrels to 9.08 million barrels per day last week.At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,524 per barrel, down by 1.20 per cent, after opening at Rs 4,566, against a previous close of Rs 4,579. It touched an intra-day low of Rs 4,517. (At 11:51 AM).

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