Gold Silver Sentiment remained bearish on the back of a weak trend overseas as the dollar strengthened to a 10-week high against the yen, boosted by better-than-expected US gross domestic data for the fourth quarter, making bullion less attractive as a safe-haven investment, traders were quoted as saying in the PTI report. Gold prices had fallen by Rs. 570 in the previous two days.
Commodity News
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Oil Jumps On Large Crude Inventory Draw
Gold Silver Reports (GSR) – Crude oil prices inched higher today after the EIA released its latest Weekly Petroleum Status Report, in which the authority said crude oil inventories had fallen by 8.6 million barrels in the week to February 22, though they are still above the seasonal five-year average.
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Gold Prices Fall By 60 Rupees
Gold prices fell by Rs. 60 to Rs. 34,530 per 10 grams at the bullion market on Tuesday reported news agency Press Trust of India (PTI).
Gold Prices Hold Above 34500 Rupees
Gold prices were flat at Rs. 34,590 per 10 grams on scattered demand while silver prices rose by Rs. 100 to Rs. 41,600 per kg in Delhi on Monday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association.
Asia Gold-India, Singapore Buyers Cash in on Slight Price Correction
Gold Silver Reports (GSR) – Physical gold market demand in Japan slackened this week as prices rallied, while a market correction towards the latter half of the week lured some buyers back in India and Singapore.
Goldman Sachs sees oil taking a fleeting trip to $70-$75 a barrel
Gold Silver Reports (GSR) – Crude Oil prices could potentially rise as much as 12% from current levels, though the rally may prove fleeting, according to Goldman Sachs Group Inc.