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Commodity Update - Gold prices fell; Oil futures hit

Gold prices fell for a fourth straight session on Tuesday as risk appetite remained buoyed by better-than-expected economic data, which suggested that the global economy was perhaps not doing as badly as previously assumed.

Spot gold was down 0.6% at $1,490.48 per ounce, as of 0421 GMT, after hitting its lowest since Aug. 13 at $1,486 earlier in the session. Bullion prices have shed nearly 5% since hitting a more than 6-year peak of $1,557 on Sept. 4.U.S. gold futures fell 0.8% to $1,498.50 per ounce.

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.

Brent was up 26 cents, or 0.4%, at $62.85 a barrel by 0349 GMT, while U.S. crude was 27 cents, or 0.5%, higher at $58.12 a barrel. Brent touched its highest since Aug. 1, while U.S. crude rose to the highest since July 31.

U.S. oil gained more than 2% on Monday, while Brent finished the day 1.7% higher as the market reacted to the appointment by Saudi Arabia's king of his son, Prince Abdulaziz bin Salman, as energy minister on Sunday.

Crude oil futures up on global cues - On the Multi Commodity Exchange, crude for delivery in September contracts was trading higher by Rs 44, or 1.09 percent to Rs 4,098 barrel in 28,192 lots.

Crude oil prices rose 1.09 percent to Rs 4,098 per barrel on Monday as speculators created fresh positions on firm global cues. Analysts said raising of bets by participants kept crude prices to trade higher here.

On the Multi Commodity Exchange, crude for delivery in September contracts was trading higher by Rs 44, or 1.09 percent to Rs 4,098 barrel in 28,192 lots.


GOLD PRICES | INDIAN ECONOMY | CRUDE OIL | 

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