Gold dips as dollar ticks up
Gold eased as the dollar climbed against a currency basket, extending a week- long rally driven by a surge in Treasury yields after Donald Trump’s election to the US presidency.
According to some analyst, gold is trying to stabilize despite continued headwinds from rising rates and a stronger dollar. Technically it seems that gold is now in a consolidation phase.
In the major physical markets, many Indian gold traders are placing bulk short-term import orders on fears that Prime Minister Narendra Modi might soon curb overseas purchases of the metals.
Right now in MCX, gold is down by 0.19 percent at 29320.
Oil prices fall on crude stock build, OPEC remain focus.
Crude oil prices dropped on Thursday after official inventory reports indicated a large then expected build in US oil stocks.
Crude inventories in the united States rose by 5.3 bullion barrels in the week to Nov 11 , compared with expectation for an increase of 1.5 million barrels.
The climb in inventories was mainly due to higher imports that averaged 910,000 barrels per day , according to data released by the US Energy Information Administration on Wednesday.
Despite renewed optimism that an OPEC output freeze is on track , rising oil production data and changing fundamentals makes a credible OPEC cut all the more difficult to achieve in coming days.