Crude oil has come down sharply. Brent’s price slipped below $ 82, approximately below 6% from 4 year’s upper level. In the US the crude oil reserve increased nearly 97 Lakh barrel. While global economic growth affected due to expensive crude oil. in this situation, the demand for Crude Oil may decrease. It is expected that the production of crude oil will increase in the US which may also lead to rising crude oil price.
Today, weakness in rupee has increased due to the dollar. The rupee is at record lower level, and US dollar is above 74.40 level. However the initial bearishness in Gold stop due to negative share market. At COMEX Gold price is above 1190$, Silver also recovered from the lower level. Selling pressure in Base Metals. Copper price has broken more than 1 % at the London Metal Exchange.