5 December 2015

Gold Dec down by 0.04%, Copper up 0.92%

Gold futures bounced off six-year lows in spite of a strong dollar, as an optimistic U.S. jobs report paved the way for the Federal Reserve to lift short-term interest rates later this month at a highly-anticipated meeting. Gold Dec 15 contract was down by 0.04% to Rs.25281.00 per 10 gram. Gold Feb 16 contract was down by 0.15% to Rs.25423.00. Gold April 16 contract was down by 0.39% to Rs.25477.00 per 10 gram. Goldguinea Nov 15 contract was down by 0.61% to Rs.20127.00 per 8 grams while GoldPetal Nov 15 contract was down by 0.28% to Rs.2504.00 per gram.
Silver Dec 15 contract was up by 0.74% to Rs.34081.00 per kg. Silver Mar 16 contract was up by 0.52% to Rs.34713.00. Silver May 16 contract was also up by 0.81% to Rs.35103.00 per kg. 
Crude futures fell considerably on Friday, as OPEC declined to cap its production ceiling after the divided group was unable to agree on a strategy to curb the continuing oversupply on global energy markets at a contentious meeting in Vienna. While Friday's decision was not unexpected, the ambiguous policy statement may create further instability on worldwide markets as the leaders left Austria seemingly without any strategy for rescuing prices from near-record lows. Instead, OPEC leaders demurred at the semiannual meeting, opting to wait at least six months to update its production quota when it meets next in June. Gold likely gained support at $1,046.20, the low from Dec. 3 and was met with resistance $1,110.70, the high from Nov. 7.

1 comment:

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