Gold and Silver Prices on Highs, While Crude Oil Falls
In futures trade on Monday, gold and silver prices climbed on their highs.
Gold prices boosted by Rs 97 to Rs 31,627 per 10 gram. At the same time, speculators broadened their bets, following a firm trend overseas.
Aside from that, June contracts delivery for gold was trading higher also trading higher by Rs 97 or 0.31 percent. Gold price for trading is at Rs 31,627 per 10 gram with a business volume of 5,569 lots.
Then for August contracts, the delivery rose by Rs 88 or 0.28 percent. It is now at Rs 31,774 per 10 gram in a business turnover of 10,639 lots.
The surge in gold and silver prices is due to the increasing of bets by participants and taking cues from global markets. Also, a weaker rupee helped in the rise of gold prices.
Furthermore, the yellow metal prices strengthened as speculations on an extended Sino-trade war and weak economic data.
Then in New York, the precious metal climb 0.15 percent to trade at USD 1,291.10 an ounce.
Similarly, the trading for silver futures rose by 0.25 percent. And it is trading Rs 36,476 per kg.
Aside from that, the delivery of white metal for July contracts was higher by Rs 92 or 0.25 percent. It is at Rs 36,476 per kg in 28,403 lots.
And for September contracts, silver for delivery boosted by Rs 122 or 0.33 percent. It is at 37,010 per kg in a business turnover of 2,530 lots.
The gold and silver prices hike was due to the broadening positions by traders in line with a firm trend overseas.
Worldwide, silver traded rose 0.24 percent at USD 14.59 an ounce in New York.
Meanwhile, crude oil futures dropped 0.22 percent to Rs 4,062 in sync with a shaky trend overseas, same reason for gold and silver prices hike.
Delivery in June contracts for crude oil fell by Rs 9 or 0.22 percent. It trades to Rs 4,062 per barrel with a business volume of 17, 298 lots.
On the other hand, West Texas Intermediate (WTI) declined by 0.49 percent at USD 58.34. However, the global benchmark, Brent crude oil was slightly higher by 0.03 percent. It is at USD 68.71 per barrel.
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