Silver futures were trading lower during the afternoon trade in the domestic market on Friday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels.
Gold prices edged up on Tuesday as the dollar eased slightly, with investors waiting for U.S. inflation numbers later this week for hints on the pace of monetary tightening by the Federal Reserve.
“Gold appears to be in a holding pattern with the increasing risk that stale long positioning may see traders head for the door until some directional clarity is restored,” said Jeffrey Halley, senior market analyst at OANDA.
Spot gold was up 0.2 percent at $1,259.41 per ounce, as of 0705 GMT.
U.S. gold futures for December delivery rose 0.1 percent to $1,265.40 per ounce.
At the MCX, silver futures for September 2017 contract was trading at Rs 38200 per kg, down by 0.16 per cent, after opening at Rs 38500, against a previous close of Rs 38,263. It touched the intra-day low of Rs 38,110.
Aluminium futures were trading higher during the noon trade in the domestic market on Wednesday on pick-up in demand in spot market. Analysts said widening of positions by participants due to pick up in demand from consuming industries in the spot market mainly influenced aluminium prices at futures trade.
At the MCX, aluminium futures for July 2017 contract is trading at Rs 124.15 per kg, up by 0.16 per cent, after opening at Rs 124.90, against a previous close of Rs 123.95. It touched the intra-day high of Rs 125.40.
Lead futures were trading higher during the afternoon trade in the domestic market on Tuesday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade.
At the MCX, lead futures for July 2017 contract is trading at Rs 145.60 per kg, up by 1.11 per cent, after opening at Rs 144.45, against a previous close of Rs 144. It touched the intra-day high of Rs 145.75.
Copper futures were trading higher during the noon trade in the domestic market on Monday as speculators built more bets amid a firming trend at the domestic spot market. Market analysts said a better trend in base metals at the domestic spot markets on pick-up in demand from consuming industries, influenced copper futures here as speculators expanded positions.
At the MCX, copper futures for August 2017 contract is trading at Rs 389.15 per kg, up by 0.04 per cent, after opening at Rs 389.15, against a previous close of Rs 389.00. It touched the intra-day high of Rs 390.10.
Gold held steady early on Friday and was on track for a second consecutive weekly gain after easing from a three-week high hit in the previous session.
Spot gold edged down 0.04 percent to $1,243.80 per ounce at 0049 GMT after touching a three-week high on $1,247.48 an ounce in the previous session. It has risen about 1.3 percent for the week so far.
U.S. gold futures for August delivery fell 0.15 percent to $1,243.60 per ounce.
The dollar headed for weekly losses on Friday, wallowing at its lowest levels against the euro in nearly two years after European Central Bank chief Mario Draghi said policymakers would discuss changing its bond-buying programme in the autumn.
The ECB left its ultra easy monetary policy unchanged on Thursday and did not even discuss clawing back stimulus, suggesting it may delay an inevitable decision on tapering bond buys until the latest possible moment.
Oil prices were about 1 percent lower on Monday as investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective but output increases in some top producers eased, keeping losses in check.
Libya’s national oil production stood at 1.03 million barrels per day (bpd), little changed from its level since the end of last month, an oil industry official said.
U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday.Rig additions over the past four weeks averaged five, the slowest pace of growth since November.
Still, U.S. shale oil production was forecast to rise for the eighth consecutive month, climbing 112,000 barrels per day (bpd) to 5.585 million bpd in August.