18 July 2015

Precious Metals Plunge on Friday

Platinum was not the only precious metal to plunge on Friday. Gold, silver and palladium also ended the trading session with losses. The main reason for the drop was economic data from the United States.
The data revealed that inflation in the USA was steady last month. The housing report was even more positive, showing that the number of housing starts and building permits exceeded market expectations. The only negative news was the unexpected slump of the consumer sentiment index.

On Thursday, spot gold prices hovered near its lowest level since March and declined by 0.4 percent to close at $1144.7 per ounce. Federal Reserve Chair Janet Yellen reiterated that a U.S. interest rate increase is likely this year, buoying the dollar at bullion's expense.
On the MCX, gold prices declined by 0.3 percent to close at Rs.25771 per 10 gms.
Spot silver prices declined by 0.8 percent on Thursday to close at $15 per ounce. The fall in silver prices is in line with declining gold prices and the strengthening dollar index.
On the MCX, silver prices lost its value by 0.57 percent to close at Rs.32582/kg.
Crude Oil
On Thursday, WTI oil prices declined by 1 percent while Brent oil prices rose by 0.8 percent after a power outage shut production at Britain's largest oilfield and as the August contract approached expiration.
On the MCX, oil prices declined by 1 percent to close at Rs.3255 per barrel. 
Natural gas
NYMEX natural gas prices declined by 1.62 percent on Thursday to close at $2.85/ MMbtu while MCX gas prices also lost its value by 2.1 percent to close at Rs.181.40

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