Crude Oil holds above 41$ as US demand Recovery,Gold Near 1900$ on Record High.

Commodity Live Price- Crude Oil held losses near $41 a barrel in New York as signs of weakness in the U.S. labor market cast doubt on the strength of the demand recovery in the world’s biggest crude consumer.

The first increase in jobless claims since March comes as lawmakers negotiate another virus relief package.

Oil’s recovery from its plunge below zero has stalled, with futures stuck in a tight range since the end of June as rising coronavirus infections across major economies raised doubts about a swift demand rebound. 

U.S. crude stockpiles are climbing, Chinese consumption is cooling and relations between Beijing and Washington have deteriorated, adding to the bearish headwinds.

Coronavirus cases in the U.S. surpassed 4 million, doubling over a span of six weeks, while deaths in California and Florida rose to records on Thursday. Infections in Mexico, Brazil and Hong Kong also continue to climb.

WTI Crude oil Trading at 41.20$.

Brent Crude oil Trading at 43.46$.

Mcx Crude oil will open at 3090.

Commodity Live Price- Gold traded near $1,900 an ounce, edging closer to its all-time high set almost nine years ago, as concerns about global growth buoyed haven demand.

Increasing signs that the prolonged coronavirus pandemic is stalling an economic recovery and the recent surge in tensions between the U.S. and China are underpinning demand for the metal.

Bullion is heading for a seventh weekly gain, the longest stretch since 2011, while silver is poised for its biggest weekly advance in about four decades.

Negative real rates, a weaker dollar, concerns over the economic cost of the health crisis and geopolitical uncertainties have put both precious metals on track for their biggest annual gain in a decade.

UBS Group AG raised its near-term forecast for gold to reach $2,000 an ounce by the end of September, citing its qualities as a diversifier in a low-rate world.

While spot gold prices are about $40 away from the all-time high, some futures contracts on the Comex are already trading even higher, potentially leading to a situation that may see the incoming most-active contract already at a record.

December, which is likely to become the contract with the most open interest in coming days, touched $1,927.10 an ounce Thursday, above the record for the most-active contract of $1,923.70 reached in September 2011.

Gold Rate Today

22 Carat Gold Rate is 47620 per 10 gm.

24 Carat Gold Rate Today is 51920 per 10 gm.

Today ‘s Trend For Crude oil & Gold.

Crude oil above 3170 bullish and may touch 3250/3300 today & Below 3040 its Bearish and may touch 3000/2950.

Mcx Gold above 51150 bullish and may touch 51350/51500 & below 50200 may touch 49980/49750.

For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.

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