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Gold and Crude Outlook – Oil Prices Rose By 1.6 Percent to Close at Rs.2666

Gold

Gold prices rose by 1.4 percent on Monday to close at $1257.6 per ounce. In March policy committee meeting, the Fed said it forecasted to raise prices two times this year, down from the four times it earlier forecasted.

With that, OECD issued a report that expects sustained slowing world economic growth in the coming months. According to this report the downfall in China’s economic growth rate will solidify.

CFTC long positions in gold reached to 19.5 million ounces or 552 tonnes, the highest level since August 2012.

On the MCX, gold prices rose by 0.8 percent last week to close at Rs.29522 per 10 gms.

1a

Crude Oil

Organization of Petroleum Exporting Countries and other major producers such as Russia are set to meet in the Qatari capital Doha on April 17 so WTI oil prices rose by 1.6 percent while Brent rose by 2.2 percent .

According to the Energy Information Administration U.S. crude production slip in 11 weeks through April 1, while stockroom down from the highest level in more than eight decades.

In Europe, North Sea oil field maintenance expected next month lent support to Brent futures, which are priced down supplies of North Sea.

2a

Intraday Tips –

oil prices are expected to trade higher today

oil prices rose by 1.6 percent to close at Rs.2666 per bbl.

 

 

Filed in: MCX India

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