Impressive Gains In Gold, Crude Also Rallies

Impressive Gains In Gold, Crude Also Rallies

Oct 31, 2019 06:10 IST capital market

Gold futures extended gains today as a break above $1500 per ounce mark helped lift the momentum for the metal. Weakness in US dollar offered a good support to the commodity after the Federal Reserve cut interest rates as expected and signaled it was unlikely to move in either direction any time soon as inflation remains muted. The dollar index fell to one and half week low of 97 today. COMEX Gold futures are currently trading at $1509 per ounce, up 0.81% on the day as a rebound from two week low continued. MCX Gold futures are trading at Rs 38321 per 10 grams, up 0.60% on the day.

Crude oil edged up today as supportive global stock markets and weakness in US dollar pushed up the commodity. US equities hit all-time high after the Federal Reserve cut interest rates as expected and signaled it was unlikely to move in either direction any time soon as inflation remains muted. WTI Crude oil is currently trading at $55.37 per barrel, up 0.54% on the day. MCX Crude oil futures are also trading up 1.13% at Rs 3924 per barrel.

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