Gold losses its shine for sixth straight week.
Gold prices edged lower on Monday , as bullion net position drops for sixth straight week. Gold Futures on the comex in US dropped 0.3 percent in the week to close at $1133.60 ounce on Friday. Bullion closed almost flat in the previous session.
Higher US dollar, rising treasury yields and with equity market trading near all time highs all factors weigh down on the precious metal .
MCX GOLD FEB FUT trading at 26945 down 49points( -0.18%)
MCX Silver March FUT trading at 38585 down 10 points(-0.03%)
Crude oil prices sturdy awaits clarification from OPEC
Crude oil prices ends friday session with little gains. OPEC members agreed to lower the production by a combined 1.2 millions barrels per day from Jan1, first time since 2008 however there is some concerns from Libya and rising US inventories.
Oil market in US will be closed on Monday ,26 December 2016 for the Christmas holiday.
MCX Crude Jan FUT Trading at 3618 up 22 points (0.61%)