Commodity Trading Live Price- Crude Oil opens in Red because of lower demand due to corona virus cases rise.
Oil prices fell in early trade on Tuesday on concerns about fuel demand growth as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output.
The slide comes after WTI rose 1.8% and Brent climbed 1.5% on Monday on better-than-expected data on manufacturing activity in Asia, Europe and the United States showing factories were emerging from the worst of the early coronavirus pandemic impact.
Denting fuel demand, cities from Manila to Melbourne are tightening lockdowns to battle new infections, while Norway has stopped cruise ship traffic in the latest European travel alarm.
At the same time producers in the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, are stepping up output this month, adding around 1.5 million barrels a day of supply. U.S. producers also plan to restart shut-in production and inventories remain near historical highs.
WTI Crude Oil Trading at 40.70$.
Brent Crude Oil Trading at 43.80$.
Mcx Crude Oil Trading at 3068.
Commodity Trading Live Price- Gold was up on Tuesday morning in Asia, reaching a record high for a second consecutive day as investors weigh a weak dollar and slow progress towards a U.S. COVID-19 stimulus package.
Supporting gold, the U.S. dollar gave up gains from Monday, maintaining a weak outlook and moving in a range close to two-year-lows. The weak dollar combined with the U.S. Federal Reserve keeping interest rates at near zero are giving gold a boost and pushing it towards the $2,000 range.
Low or negative interest rates are typically positive for gold prices as they make holding interest-bearing investments like bonds less attractive and reduce the opportunity cost of holding gold.
Mcx Gold Oct Contract Trading near 53800.
Gold Rate Today
22 Carat Gold Rate Today is 50500 per 10 gm.
24 Carat Gold Rate Today is 55760 per 10 gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3186 bullish and may touch 3220/3250 today & Below 3019 its Bearish and may touch 2970/2940.
Mcx Gold above 54455 bullish and may touch 54550/54700 & below 53539 may touch 53400/53300.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.