Commodity Big News- Crude Oil opens in Green because of Production cut news Trading near 43$.
Oil prices rose in early trade on Friday, on track for a third straight week of gains, buoyed by major oil producers’ efforts to hold back output amid concerns about the economic recovery from the coronavirus pandemic.
Meanwhile, an internal report by the Organization of the Petroleum Exporting Countries and allies, showed the group known as OPEC+ was focused on ensuring that members who had overproduced against their commitments would cut their output, as flagged following an OPEC+ meeting on Wednesday.
OPEC+ found some members would need to slash output by 2.31 million barrels per day to make up for their recent oversupply.
The internal report flagged demand risks, showing OPEC+ expects oil demand in 2020 to fall by 9.1 million bpd, 100,000 bpd more than in its previous forecast.
WTI Crude oil Trading at 42.90$.
Brent Crude oil Trading at 45.05$.
Mcx Crude Oil will open at 3218.
Commodity Big News- Gold opens in Green and currently Trading at 1957$ per Ounce.
Gold futures settled down another 1.2% on Thursday, accounting for the selling that occurred after the previous day’s official session, as the dollar’s logic-defying strength kept buyers from supporting the yellow metal in a bigger way.
Both futures on Comex and the spot price of bullion traded Thursday above Wednesday’s post-settlement lows.
But the strength of the Dollar Index, which reflects the greenback’s performance against a basket of six major currencies, limited the safe-haven’s rebound after Wednesday’s near $43, or 2.1%, drop.
In Thursday’s session, gold traders remained perplexed for a second day in a row with the dollar’s inordinate strength despite U.S. Treasury yields sliding back into the negative and the greenback putting in a weaker performance against a bunch of currencies.
The Dollar Index fell on Thursday but remained stubbornly above the 92.70 level, making it difficult for gold to claw back much of Wednesday’s losses.
Dollar Index jumped after the release of the Federal Reserve’s July meeting minutes that served more as an indictment on the U.S. currency and economy.
Mcx Gold closed at 52151 yesterday.
Gold Rate Today
22 Carat Gold Rate Today at 49510 per 10gm.
24 Carat Gold Rate Today at 54010 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3267 bullish and may touch 3290/3340 today & Below 3154 its Bearish and may touch 3120/3040.
Mcx Gold above 52752 bullish and may touch 53100/53400 & below 51551 may touch 51400/51100.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.