Gold Live Trend
Gold sales plummet in the retail market after Akshay Tritiya as prices touch a lifetime high of Rs 30,000 for 10 gram, but bullion dealers and jewellers see no respite as a weaker rupee makes the imported precious metal costlier. India's April gold imports are at 35 tonne versus 90 tonne last year, when prices were at Rs 22,200. On MCX, gold futures saw support at Rs 29,950 and Rs 28,800 levels, while there was resistance seen at Rs 29,200 and Rs 29,430. The current record prices have also affected demand for the exchange-traded gold funds that are used by investors to buy gold in demat form, analysts said.
On International Commodity Gold prices dropped Thursday after the European Central Bank offered little hope that it will provide more stimulus to help the struggling region with its debt crisis.
The bank kept its main interest rate unchanged at 1 per cent but President Mario Draghi gave no indication that the bank might offer more ways to help the troubled economy.
Crude Oil Updates
Oil prices fell again on Thursday, slipping below $118 a barrel after steep losses a day earlier were triggered by a round of poor employment and manufacturing data either side of the Atlantic, reviving fears about the global economy. A build in US crude oil stocks also contributed to a slide in prices the previous day, after inventories were reported at the highest level since September 1990.
Brent crude was down 55 cents to $117.65 a barrel at 0916 GMT, after falling more than 1 percent in the prior session. The contract is well below the year’s high of $128.40 reached on March 1. US oil was down 50 cents at $104.72 a barrel, after dropping nearly 1 percent on Wednesday. A steeper fall in Brent narrowed its premium versus US oil to as low as $12.65 on Thursday, the smallest since Feb 1.
For MCX Crude is for buy today, we recommend it for buy from the level of 5425-30.
Daily Commodity, Gold, Silver updates we provide here.