Gold prices steady, base metals trade higher
Gold prices held steady while base metals are trading higher on Wednesday. In the Indian spot market gold closed a tad higher at Rs 28980 per 10 gm in comparison to yesterday's close of Rs 28,885.
"Gold prices held steady, with appetite for riskier assets easing ahead of meeting between leaders of U.S. and China. Holdings of New York's SPDR Gold Trust GLD remained unchanged while New York's iShares Silver Trust SLV fell 0.32%," said a report from Motilal Oswal Commodities.
Base metals are trading higher. Copper rallied after China returned from two-day break to buy up metals following brighter global manufacturing reports, while zinc and nickel tracked a rally in steel. Indonesia has issued Freeport local unit temporary "special mining permit" allowing it to seek a resumption of copper concentrate exports while two sides negotiate longer-term mining rights.
Oil hit one-month high as fall in US crude inventories raised hopes OPEC-led supply cuts were clearing glut, while outage at largest UK North Sea oilfield lent support. US crude inventories fell by more-than-expected 1.8 million barrels as per API. The focus is now on whether the government's supply report on to confirms decline.
"Gold prices held steady, with appetite for riskier assets easing ahead of meeting between leaders of U.S. and China. Holdings of New York's SPDR Gold Trust GLD remained unchanged while New York's iShares Silver Trust SLV fell 0.32%," said a report from Motilal Oswal Commodities.
Base metals are trading higher. Copper rallied after China returned from two-day break to buy up metals following brighter global manufacturing reports, while zinc and nickel tracked a rally in steel. Indonesia has issued Freeport local unit temporary "special mining permit" allowing it to seek a resumption of copper concentrate exports while two sides negotiate longer-term mining rights.
Oil hit one-month high as fall in US crude inventories raised hopes OPEC-led supply cuts were clearing glut, while outage at largest UK North Sea oilfield lent support. US crude inventories fell by more-than-expected 1.8 million barrels as per API. The focus is now on whether the government's supply report on to confirms decline.
