MUMBAI: Last night, US stocks fell to a five-year low on concern the recession is deepening. Commodities, too, reacted negatively to the perception, and leading commodity prices turned extreme volatile, particularly the precious metal complex. World Gold Council said physical buying by investors may also be holding gold up against the general decline in commodity prices. Crude oil December contract, which expires later in the day, saw its fifth straight decline on concerns that the economy is contracting that will see drop in fuel demand. Energy Information Administration (EIA), in its latest report, said fuel use during the past four weeks averaged 19.1 million barrels per day, down 7% from last year. Nymex crude oil for December settlement slipped to $52.49 per barrel - the lowest level since January 2007. The contract was last quoted at $52.78 per barrel, down $0.84. Oil has lost 66% since reaching a record $147.27 in July. All active MCX crude oil contract were quoting lower.... MCX December contract opened the session at Rs 2,775 per barrel, and was last quoted at Rs 2,741 per barrel, down 1.97%. In London, gold gained $9.4 to $746.1 per ounce. Silver added $0.16 to $9.42 per ounce. Platinum dropped to $802 per ounce, down $10 as the auto sector slowdown dashed demand prospects. MCX gold December contract, after starting the day at Rs 11,950 per 10 gram, moved up to Rs 12,160 on increased buying. The contract was last traded at Rs 12,100 per 10 gram, up 1.35%. Silver December contract was quoted flat at Rs 16,382 per kg... |
Published on 
Tags:
