MCX Gold prices fell further by Rs 85 to Rs 27,565 per 10 gm in the national capital on Wednesday on sluggish demand at current levels amid a weak global trend. However, MCX silver found scattered buying support from industrial units and recovered by Rs 400 to Rs 45,700 per kg. Traders said sluggish demand at current levels and a weak global trend mainly kept pressure on gold prices.
Gold in New York, which normally set price trend on the domestic front, fell by $ 17.70 to $ 1452.60 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 85 each to Rs 27,565 and Rs 27,365 per 10 gm, respectively. It had lost Rs 220 yesterday. Sovereign also lost Rs 100 at Rs 23,900 per piece of eight gram.
On the other hand, silver ready recovered by Rs 400 to Rs 45,700 per kg and weekly-based delivery by Rs 235 to Rs 44,865 per kg. The white metal had lost Rs 900 in the previous session. Meanwhile, silver coins lacked necessary buying support and dropped by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
Crude Oil was mixed in Asian trade Wednesday after China recorded a trade surplus, appearing to allay concerns about faltering demand in the world’s second largest economy and biggest energy user. New York’s main contract, light sweet crude for delivery in June, turned higher in the afternoon, gaining six cents to $95.68 a barrel, while Brent North Sea crude for June delivery shed 13 cents to $104.27.
China swung back to a trade surplus of $18.2 billion in April after posting a rare deficit the previous month, official data showed Wednesday. April imports increased 16.8 percent year-on-year to $168.9 billion, Customs said, while exports rose 14.7 per cent to $187.1 billion. In March, the country had posted a deficit of $880 million.
Further short-term gains in oil prices will however be curbed by concerns over burgeoning US crude stockpiles, Teoh added. The US Department of Energy releases its weekly inventory report later Wednesday. Analysts polled by Dow Jones Newswires projected an increase of 1.4 million barrels in the week ended May 3.
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