Commodity News – Real-time Accurate MCX Commodity Market News and forecast for today. Best commodity market online tips through whatsapp and telegram by Neal Bhai.
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Gold extended its record-breaking run on Thursday, driven by expectations of more monetary response as surging virus cases continue to pummel the U.S. economy.
Crude Oil prices hovered near five-month highs on Thursday as support from a weak dollar and falling U.S. crude inventories counteracted bearish sentiment about fuel demand, pushing the benchmarks in and out of positive territory.
Gold Spot Target Was $2050 Yesterday Hit Full Target $2055 – Neal Bhai. Gold steadied on Thursday after hitting a record high in the previous session as dismal U.S. jobs data hammered the dollar, while increasing worries about a recovery in the pandemic-ravaged global economy kept demand solid for the metal.
Gold closed above $2,000 an ounce for the first time this week, capping an explosive growth spurt that has blown past analysts’ projections.
This set-up is now beginning to ease and while gold remains above $1,900 last Friday’s high and Monday and Tuesday’s low prints the outlook remains positive.
Gold retreated after a nine-day rally that included a record high as positive results from a vaccine study curbed demand for the metal as a haven, spurring investors to cash in recent gains.