Commodity Market update
Gold is nowhere near ready to shine
Gold prices edged lower on Tuesday ,as FED Chairman being optimistic on the US Labor market further fueling the probability of rate hikes next year. Spot Gold XAU shed 0.2percent to $1,136.96 an ounce.
Holding of the SPDR Gold Trust GLD, the world’s largest gold-backed exchange –traded fund fell 1.06 percent to 828.10 tonnes on Monday.
MCX GOLD FEB FUT trading at 27,190 down 70points( -0.26%)
MCX Silver March FUT trading at 39384 down 49 points(-0.12%)
Crude oil near flat in quiet trade
Crude oil prices were trading flat in quiet pre Christmas trade as the market waited for US production from the shale field whether it would be enough to offset planned output cut by OPEC, Russia and other producers next year. OPEC reached out a deal to cut the output by a combined 1.8 million barrels per day(bpd)
MCX Crude Jan FUT Trading at 3610 down 8 points (-0.22%)