COMMODITY NEWS TODAY LIVE- Crude Oil was down on Monday morning in Asia as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) moved to increase oil production.
The production increase starting this month will see about 1.5 million barrels added to global supply per day. However, fuel demand has yet to recover due to the COVID-19 pandemic, which is affecting prices for the black liquid.
Investors are worried about supply gluts as the OPEC+ is due to start reducing production cuts this month and a recovery in oil prices from record lows is expected to encourage U.S. shale producers to ramp up output.
In the U.S., one of the largest oil consumers, California, recorded an increase in confirmed COVID-19 cases of more than the 14-day average yesterday. Victoria, Australia’s second most populous state, has also imposed new lockdown measures as COVID-19 infections surged, dampening investor hopes for fuel demand recovery.
WTI Crude Oil Trading at 39.95$.
Brent Crude Oil Trading at 43.28$.
Mcx Crude Oil will Open near 3000.
COMMODITY NEWS TODAY LIVE-Gold prices were up on Monday morning in Asia, reaching a record highs and continuing its march towards the $2,000 mark.
Gold has been powered by persistently low interest rates, a dollar at two-year lows and uncertainties of whether the U.S. Congress will be able to pass a new COVID stimulus bill.
The U.S. Federal Reserve’s Federal Open Market Committee announced last week that interest rates will be held steady near zero for the foreseeable future as the country is still a long way from recovering from the COVID-19 pandemic.
Low interest rates are supportive of gold, which pays no interest or dividends, by making it more attractive to investors.
The U.S. dollar was up on Monday morning, but remains weak and the weakness is favorable for gold.
Experts have pointed to the stimulus bill as a big factor to whether gold will continue its march towards the $2,000 mark.
Mcx Gold Opens Record High Above 54000.
Gold Rate Today
22 Carat Gold Rate Today is 50600 per 10 gm.
24 Carat Gold Rate Today is 55260 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3138 bullish and may touch 3150/3200 today & Below 2908 its Bearish and may touch 2830/2800.
Mcx Gold above 54369 bullish and may touch 54500/54700 & below 53288 may touch 53100/53000.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.