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Commodities
Crude, Gold Prices trading lower - ICICI Bank : Treasury Research
Posted On : 2013-07-28 09:49:06( TIMEZONE : IST )
Crude oil prices are trading lower today as China's decision to scale back excess production capacity in 19 industries weighed on the outlook for oil demand. Meanwhile, markets will closely watch University of Michigan Confidence Index for further cues on Fed's asset purchase program. The front-month WTI future is currently trading at USD 104.5/bbl compared to prior close of USD 105.5/bbl while Brent is trading at USD 107.0/bbl, compared to prior close of USD 107.7/bbl. (17:00 IST)
Gold prices are trading lower today on profit booking following substantial gains yesterday. Meanwhile, a fall in SPDR Gold Trust holdings to 927.35 tonnes from 929.76 tonnes further weighed on the prices. However, a weaker Dollar gave some support to the prices and limited the downside. Spot gold is currently trading at USD 1326.9/oz as compared to yesterday's close of USD 1333.8/oz. (17:00 IST)
