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MCX Bullion Market trend :- In today’s trade, we expect precious metals to trade lower as a stronger dollar coupled with weak global market sentiments will add pressure on prices.
MCX Gold Updates :- Spot gold fell for the second day, stretching the previous session’s decline. However, with the rupee plunging to a new low in Indian markets, a steep decline in gold prices was restricted.MCX gold was seen moving sideways,Rupee plummeted to a record low against the US dollar breaching Rs 56 a dollar mark.
MCX Crude Oil trend :- Crude oil dropped for the second consecutive day. Brent crude oil was floating near $107 a barrel while in Nymex, the prices slipped below $91 a barrel.
There was an expectation in the market that Iran may arrive at an accord with the UN nuclear watchdog over the nuclear issue. This was expected to ease concerns over supply disruptions and affected the sentiments on crude.
Base Metal Updates :- Base metals are expected to trade with a negative bias today as macroeconomic risks rise. A stronger dollar will also add pressure on prices on the LME and slowdown in Chinese manufacturing activity will also add pressure on prices today. Base metal complex in Shanghai as well as at LME were in the red. LME copper slipped from a one-week high as worries over global economic growth intensified. Meanwhile, the World Bank’s cut in growth forecast for China, a top consumer of metals and energy, built further pressure over the market.
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