Premiums on gold over official domestic prices in India dipped this week amid faltering demand. Rising prices and strict restrictions to contain the spread of Covid infections have hurt gold demand. Premiums this week eased to about $2 an ounce over official domestic gold prices as compared to last week’s $4, the report said.
Oil Ministry tells ONGC to sell Oilfields; hive off Drilling, other Services
The petroleum ministry has told India’s largest oil and gas producer ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production.
Commodity Trading Strategies: Gold, Silver, Crude, Base Metals
Commodity Trading Strategies: Commodity prices traded on a mixed note on Thursday, as bullion prices traded steady on pandemic worries while crude oil prices declined on demand growth worries and inventory build. Base metals complex traded on a weak note as they pared gains from the previous session. Here is a look at how different commodities are behaving in today’s market.
Gold Prices Today Silp, After Kissing 2-Month High, Silver Rates Drop
Gold Prices Today: Gold and silver prices edged lower today in Indian markets after the recent surge. On MCX gold futures were down 0.07% to ₹48,195 per 10 gram while silver slipped 0.04% to ₹70,310.
Gold Support Key $1760—$1755, Bearish Technicals
Gold support and resistance Key for today: Gold prices pulled back nearly $20 from 7-week highs of $1790 on Wednesday, finishing the day slightly in the red. The rebound in the US Treasury yields triggered the correction in the metal. Bear cross on 1H chart and RSI below 50.00 point to the downside.