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Gold Silver Reports — Indian Crude Oil Basket Stays Under $51 Mark — The international crude oil price of Indian Basket as computed today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 50.44 per barrel (bbl) on 17.03.2017.
Gold Silver Reports — Crude oil futures witnessed a heavy tumble as rising output from the US remained a threat to efforts by other major producers to re-balance the market.
Gold Silver Reports — A sharp recovery was noted in Gold following the slightly dovish stance of US Fed. COMEX Gold futures soared around a two week high as continued weakness in the dollar following the Federal Reserves cautionary stance on the pace of interest-rate increases this year boosted the sentiments.
Gold Silver Reports — Technically market is under short covering as market has witnessed drop in open interest by 1.39% to settled at 13655 while prices up 311 rupees.
Gold Silver Reports — Technically now Crude oil is getting support at 3150 and below same could see a test of 3182 level, And resistance is now likely to be seen at 3222, a move above could see prices testing 3250.
Gold Silver Reports — It’s hard to keep 1.1 billion gold-loving people from buying the metal they trust most. A poll by the World Gold Council last year found that 63% of respondents in India agreed with the statement “I trust gold more than the currencies of countries.” More importantly, 73% agreed with the statement “gold makes me feel secure for the long-term.” Compare that with the small minority of citizens in the United States that own gold or follow the gold market closely. India is clearly dedicated to owning more gold.
Gold Silver Reports — Following two sluggish years, copper finally effected a late recovery in 2016. Optimism over President Trumps $500 billion infrastructure plans drove the metal upward. Meanwhile, encouraging economic data from the second biggest economy and the largest copper consumer China have raised expectations of higher demand for the commodity, which in turn have led to an increase in prices. Additionally, continued workers strikes at major copper mines have also helped price escalation.