Commodity Market- Crude Oil was up on Tuesday morning in Asia, backed by hopes that the U.S. will pass another stimulus bill which put pressure on the dollar and supported equities.
In the U.S., Senate Republicans proposed a $1 trillion COVID-19 aid package that would include $1,200 payments to Americans, as well as incentives for the manufacture of personal protective equipment in the United States, rather than China.
The package also includes $190 billion in for small businesses and $100 billion in loans to businesses that operate seasonally or in low-income areas.
The proposed package cheered investors and helped weaken the dollar, which boosted both stock and oil prices.
However, oversupply remains an issue for investors who will be looking closely at figures from the American Petroleum Institute (API) that will be released later in the day.
WTI Crude Oil Trading at 41.55$.
Brent Crude Oil Trading at 44$.
Mcx Crude Oil will open near 3107.
Commodity Market- Gold on Record High made today above 1960$ per Ounce.
China’s gold consumption fell by 38.25% year-on-year in the first half of 2020 to 323.29 tonnes, hit by the impact of the coronavirus, a slowing economy and rising gold prices, the China Gold Association said on Tuesday.
The country’s gold output, meanwhile, slid 7.3% year-on-year to 217.8 tonnes in the first half, although the association said domestic production had returned to normal in the second quarter, rising 5.81% from the first quarter.
Gold May touch Record High at 2000$ per Ounce in few days .
Gold Rate Today
22 Carat Gold Rate is 50660 per 10 gm.
24 Carat Gold Rate is 51660 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3174 bullish and may touch 3200/3300 today & Below 3059 its Bearish and may touch 2970/2900.
Mcx Gold above 52867 bullish and may touch 53100/53500 & below 51337 may touch 51250/51000.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.