Commodity Market - Oil prices extend losses, Gold rises for second straight day

Silver futures slumped by Rs 318 at Rs 44,908 per kg on October 16 as participants cut down their bets in line with sluggish trend at overseas markets. On the Multi Commodity Exchange, silver contracts for December delivery fell by Rs 318, or 0.70 percent, at Rs 44,908 per kg in a business turnover of 7,274 lots.

Crude oil futures fell by Rs 27 to Rs 3,797 per barrel on October 16 after participants reduced positions even as oil strengthened in global markets. On the Multi Commodity Exchange, crude oil for delivery in October dropped by Rs 27, or 0.71 percent, to Rs 3,797 per barrel with a business volume of 34,024 lots.

For November delivery, crude oil was quoting lower by Rs 33, or 0.86 percent, to Rs 3,811 per barrel with 1,350 lots.

Gold prices jumped Rs 157 to Rs 38,644 per 10 gram in the Mumbai bullion market.

The rate of 10 grams 22-carat gold in Mumbai was at Rs 35,398 plus 3 percent GST while 24-carat 10 gram was at Rs 38,664 plus GST. Silver gained Rs 415 to Rs 45,790 per kg from its closing price on October 14.

The gold/silver ratio currently stands at 84.39 to 1, which means the amount of silver requires to buy one ounce of gold.

Oil prices extend losses as weak China data compounds US-China trade deal doubts

Brent crude futures fell 30 cents, or 0.5%, to $59.067 barrel by 0142 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $53.38 a barrel, down 21 cents or 0.4%.

Oil prices dropped again on Tuesday after falling heavily in the previous session, as weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-China trade deal announced by President Trump late last week.

Source

Commodity Market | Market News | Gold Prices | Silver Prices | Oil