• Breaking News

    Monday, 5 December 2016

    Top MCX NCDEX Headlines 6 December

    Oil tops $55 for 1st time in 16 months as OPEC deal fuels buying : - 

    Brent crude oil prices rose above USD 55 a barrel on Monday, trading at a fresh 16-month high, on rising prospects of a tightening market after OPEC members agreed on a landmark deal to cut production last week. Monday's gains take the rally since the agreement was struck on Wednesday to 19 percent for Brent, the highest in almost eight years, and 16 percent for US crude.

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    Gold down around 1% as dollar index moves higher 
    Gold prices fell almost 1% on Monday as demand for the dollar continued to remain underpinned after Friday's solid U.S. employment report cemented expectations for a December rate hike by the Federal Reserve. Gold was down 0.97% to $1,166.45 a troy ounce by 10:05 GMT,

    far from Thursday's lows of $1,160.00, a level not seen since February. The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up 0.3% at 101.05. Gold is priced in dollars and becomes less attractive to holders of other currencies when the dollar rises.

    Gold falls Rs 200 on weak global cues, muted demand

    Gold prices drifted lower by Rs 200 to Rs 29,050 per 10 gm at the bullion market here today, tracking a weak trend overseas amid tepid demand in the domestic spot market on prevailing cash crunch following demonetization of high value notes. Silver strengthened however by Rs 200 to Rs 41,200 per kg on increased off take by industrial units and coin makers. Traders said that apart from a weak trend overseas, fall in demand from jewelers and retailers in view of scarcity of funds weighed on gold prices. Government on November 8 had announced the demonetization of 500 and 1,000 rupee notes in a bid to flush out black money, leading to cash crunch in the financial system.


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