U.S. West Texas Intermediate crude ended this week down 2.2 percent and has now tumbled about 12 percent from its recent high of $86.74 on Oct. 3. Brent crude, the international benchmark for oil prices, fell 2.7 percent this week and is down 10.5 percent from its Oct. 3 high of $86.74.
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BASE METALS – Copper Slides as Equity Markets Rout Rattles Investors
Copper fell 1.5 percent on Friday as global stocks headed for their worst week in more than five years, overshadowing worries over the sharp shortage of supply building in the market.
Gold prices Today Rebounded
Gold Silver Reports (GSR) – Gold prices Today Rebounded – Buying by local jewellers amid festive season demand and steady global prices helped boost domestic gold prices. Besides, weakness in the rupee, which makes imports costlier, also fuelled the upward trend in gold prices.
Gold Prices Slip Today, Silver Edges Lower
Global spot gold rate was little changed at $1,226.71 an ounce. It touched $1,233.26 on Monday, its highest since July 26. US gold futures were flat at $1,230.40 an ounce. Despite the recent rally in global gold rates, price of the precious metal remains down nearly 10% from its April peak.
Goldman Can’t Rule Out U.S. Naming China a Currency Manipulator
Though China doesn’t meet the three official criteria, the Treasury Department could still accuse the Asian nation if it found that China was manipulating the yuan for trade purposes, Goldman notes. While not the bank’s base case, given that currency matters have played a “central role” in the U.S.-China trade standoff, a formal declaration isn’t unfathomable.
GOLD ALERT : Government Announces Gold Bond Scheme: Important Dates, Eligibility And Other Details
The government on Monday said it would issue gold bonds every month from October to February next year. The issuance of gold bonds will be under the SGB or Sovereign Gold Bonds scheme 2018-19, the Ministry of Finance said in a statement.
Gold Prices Slip Today, Silver Rates slump – Gold Silver Reports
Gold prices today edged lower, tracking a weak overseas trend and subdued demand from local jewellers. But silver prices recorded a sharp fall amid reduced offtake by industrial units and coin makers. Gold prices fell by Rs 30 to Rs 31,870 per 10 gram while silver rates slumped by Rs 500 to Rs 39,300 per kg, according to a report from Press Trust of India. Sovereign gold, however, remained flat at Rs 24,600 per piece of 8 gram.