Latest Updates on Crude Oil, MCX Gold and Rupee

Crude Oil: Crude Oil prices stood strong on Tuesday, driven by ongoing supply cuts led by OPEC and by U.S sanctions on Iran and Venezuela, but it is preoccupied that an indication of a sharp economic slow-down could shortly drag on crude markets.

Brent crude oil futures, however, were at USD67.46 a barrel up 25 0.4%, against their last close. US WTI futures were at USD59.31 per barrel, up 0.8%, from their last settlement.

Gold: Gold’s Price in the international market increased on optimism In Demand and Recession Concerns after the US recession impacts loomed with weak factory output data. Lower yields decrease the opportunity cost of holding non-yielding gold that weigh on the dollar.

In the Indian markets also, strong demand from dealers, the price of the precious metal increased in price by Rs 170 to Rs 33,220 per ten gram. In the National Capital, gold gained for 99.9% is at Rs33,220  and 99.5% purity to Rs33,050 per 10 gram, each. 

Gold on the Multi commodity Exchange (MCX) was trading at Rs32,147 per 10 grams,  while MCX Silver was trading at Rs38,516 a kilo at around 11 am today.

IndianRupee: Looking to the Forex market, the Indian rupee started a stronger note today with gains of 5paise against the US Dollar. Heavy selling pressures overwhelmed global equities on US recession concerns and the development put a pressure on the dollar currency.

Also, there are observations that going ahead Treatment of Reserves in India’s Balance of Payments, by RBI take on its forex reserves will provide a trend to the Indian rupee.