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Crude Oil Prices Settled Lower

Gold on MCX settled up 0.3% at 31372 as the dollar retreated from an earlier three-month peak and U.S. equities weakened, even as benchmark U.S. Treasury yields passed 3 percent for the first time in more than four years. US President Trump said the United States would likely reach a trade agreement with China and that officials from both sides would sit down for negotiations in a few days. The uncertainty being generated by U.S. trade tariffs is already hurting investment in the global economy and could do serious damage to world growth, European Central Bank policymaker Francois Villeroy de Galhau said.

Silver settled up after the rally in U.S. treasury yields paused, weighing on the dollar which eased from two-month highs. Strengthening inflation prospects added to expectations for a faster rate of interest rate hikes from the Federal Reserve this year. The price of silver will depend heavily on trends in investment demand in 2018, but could get a boost from international political and economic risk purchases.

Crude oil Prices Settled Lower as Trump hinted that the U.S. and France were nearing an agreement to preserve the Iran nuclear deal.

Geopolitical tension in the Middle East and concerns about supply disruptions in key oilproducing nations supporting the market.

Ongoing efforts by major global crude producers to reduce a supply glut further added to positive sentiment.

OPEC and other producers have been holding back oil output by around 1.8 mbpd since the start of last year to slash global inventories to the five year-average.

Turmeric dropped pressurized by muted demand from physical domestic and export markets.

Normal monsoon forecast by IMD is deemed to be good for crop acreage as it will prompt the farmers to decide on cultivation of turmeric.

Jeera prices dropped amid lower domestic and exports demand.

Moreover, higher crop prospects amid sluggish spot demand also attributed to the further drag in jeera prices.

NCDEX accredited warehouses jeera stocks dropped by 885 tonnes to 1375 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -227.5 Rupees to end at 15860 Rupees per 100 kg.

Cardamom dropped due to lack of support in the wake of reports of favourable weather conditions in the producing centres of Kerala.

The current weather will not only help the growth of plants but arrivals of new crop may also start early.

New crop season starts from August but if weather is favourable than new produce supplies commence by June end.

This post first appeared on After Italy Verdict Gold Trades Higher On Safe-haven Demands; Silver Down, please read the originial post: here

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Crude Oil Prices Settled Lower


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