Commodity Online Advisory- Crude Oil in Red as Demand low because of Virus Case Increases in USA.
Oil prices fell around 2% in early trade on Tuesday on worries that new clampdowns on businesses to stem surging coronavirus cases in California and other U.S. states could threaten the nascent recovery in fuel demand.
The market will be closely watching data on fuel consumption due later on Tuesday from the American Petroleum Institute industry group and on Wednesday from the U.S. Energy Information Administration.
With fuel demand growth hampered, the market will also be eyeing the next move from the Organization of Petroleum Exporting Countries and its allies, together known as OPEC+, whose market monitoring panel is set to meet on Tuesday and Wednesday.
Under their existing agreement, OPEC+ is set to taper its record supply cut of 9.7 million barrels per day to 7.7 million bpd from August through December.
WTI Crude oil Trading at 39.20$.
Brent Crude oil Trading at 41.88$.
Mcx Crude oil Trading at 2945.
Commodity Online Advisory- Gold Above $1,800 for 3rd Day as U.S. Virus Fears Hit Home Again.
U.S. gold futures for August delivery on Comex settled up $12.20, or 0.7%, at $1,814.10 per ounce. The contract hit $1,829.80 on Wednesday, its highest since September 2011, when it scaled to a record $1,911.60.
Record high U.S. Covid-19 cases in a day have cast doubts over the pace of economic reopenings from lockdowns, as well as the resumption of school in the fall season.
Coronavirus deaths in the United States have started to slowly rise too, following the surge in new caseloads from the middle of June.
Gold will continue to rise higher as the record increases in Covid-19 cases worldwide will likely force U.S. and European leaders into strongly signaling more fiscal stimulus .
Gold Rate Today
22 Carat Gold Rate Today is 46340 per 10 gm.
24 Carat Gold Rate Today is 50570 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3155 bullish and may touch 3180/3220 today & Below 2954 its Bearish and may touch 2850/2800.
Mcx Gold above 49467 bullish and may touch 49550/49700 & below 48829 may touch 48750/48650.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.