Commodity Tips MCX Gold, silver end flat on lack of demand today

Gold Silver prices Gold and silver were being traded flat in morning trade on Monday due to lackluster demand of precious metals from jewellers, industries and retailers.

MCX Gold futures were trading 0.12%, or Rs. 36, down at Rs 29,282 /10 gram whereas MCX Silver futures were down 0.08%, or Rs. 33, at Rs 39,116 / 1 kilo.
Investors remained watchful before the naming of the subsequent US Fed Reserve chair and ahead of a 2-day FOMC meeting, both scheduled this week.

Meanwhile, the rupee, the domestic currency, rose higher by increasing 16 paise to 64.89 V/s U.S dollar after the European Central Bank announced that it would soon shrink off its monetary stimulus.

The weakness of dollar against the Euro and other key currencies overseas following the European Central Bank move set off the rise in the local unit.

Commodity Tips- MCX Crude & Palm, Gold Silver Price today

crude palm oil

MCX Crude Palm Oil futures are doubtful to grow much given the overhang of inventories in Malaysia, where price of vegetable oil rose 3.9% month on month to hit 2.02 million tonnes in September, as per latest update.

The increase took stocks to their peak since February 2016. However, the local production declined for a second consecutive month. As per latest data, it is shown that a fall of 1.7% to 1.78m tonnes. MCX Crude Palm Oil futures closed at Rs 539.50 /10 kg in last session and could face selling on moderate rallies.

Meantime, Oil prices eased on Thursday as US fuel inventories rose in spite of efforts by OPEC to cut production and tighten the market. WTI crude futures were trading at USD 50.98 /barrel today, down 0.6 percent, from their last settlement.

Brent crude futures were at USD 56.58, down 0.6% from the previous close.  Starting the current year, the OPEC and other oil producers including Russia agreed to cut output by 1.8 mn. BPD /day to prop up prices.

Gold prices falls by Rs. 225 on muted demand from jewellers, MCX Silver rate

gold silver prices Gold prices slumped by Rs. 225 to Rs. 30,375 /10 gram at the bullion market on Thursday afternoon on muted demand from local jewellers, while Silver dropped by Rs. 450 to Rs. 40,000/kg on account of reduced off-take by industrial units and coin makers. Internationally, the price of gold rose 0.06% to USD 1,275.40 per ounce and silver by 0.24% to USD 16.61 per ounce in Singapore.

In New Delhi, the gold of 99.9% and 99.5% purity slumped by Rs.225 each to Rs. 30,375 and Rs. 30,225/10 gram, respectively. However, Sovereign remained unaltered at Rs. 24,700 piece of eight gram in limited deals, while Silver coins remained fixed at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

Stock Watch on Wednesday, 4 October 2017: Markets Open Mixed ahead of RBI Policy Result

stock market trading up Indian share markets have opened the day on a mixed note prior to the RBI’s policy outcome expected for later hours today. The BSE Sensex is trading up by 162 points at 31660 levels while the NSE Nifty is trading higher by 51 points at 9911 levels at the time of this writing.

Barring I.T stocks and metal stocks, all sectoral indices have opened the day in green with stocks from PSU and O&G sector and leading the pack of gainers, while Indian rupee is trading at 65.55 to the US dollar.

Bussing Stocks:- Nifty Pharma Index surges 1.5%. Divi’s Lab rose 3%, Sun Pharmaceuticals, Aurobindo & Dr. Reddy’s rise up 2% each.

Stocks of Natco Pharma hits 20% upper circuit seeing that Mylan laboratories gets USFDA nod for its drug Copaxonein 20&40 mg version.

Indian oil companies such as HPCL, BPCL, IOC stock gains on fuel cut excise duty. Stock rises up to 2 to 3.5%

Stocks of Hero MotoCorp advances 1% as September total sales has grown 7%.
Apollo Tyres Ltd approves QIP issue at floor price Rs 250.44 each and to set issue price on October 6, while its Stock down 1 percent.

Sensex falls 145 points, Nifty below 10,100, Dr. Reddy’s shares gain

stock market down

At 11:20 am The BSE Sensex dropped by 105.68 points, to 32,295, while the Nifty fell 41 points to 10,100.

Asian stock shares struggled for direction on Thursday morning since the US stock markets closed mixed and the Federal Reserve left interest rates unchanged but there is hopes that it expects another increase by the end of the year.

Shares of Divi’s Laboratories gained 2.35 percent at Rs 964.95/share, Cipla gained 1.02 percent at Rs 575.50/share, Glenmark Pharma gained 0.90 percent at Rs 615.70 per share and Aurobindo Pharma gained 0.77 percent at Rs 751.30 per share.

Dr Reddy’s Lab surged over 6.5 percent to Rs. 2462.90 after it has got an Establishment Inspection Report from the US food & drug regulator for its Srikakulam plant. The stock of Dr. Reddy Lab was the major gainer on Sensex, Nifty hitting its highest price since 31 July 2017.