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Major commodities down on dollar surge |
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All major commodities including oil, gold and major base metals were all fell to a surging greenback as growing perception among investors that growth in Europe is slowing just as a U.S. recovery begins.
That drove the dollar higher and pushed oil prices to three-month lows on Friday, lifting both U.S. and European shares.
The US dollar climbed to a six-month high against the euro, knocking gold and other metals prices down, along with oil, and bolstering the outlook for economic growth and profits among U.S. equity investors.
Oil hit a more than three-month low at $111.34 on the stronger dollar and a view that demand in industrialized nations is waning. Gold tumbled below $800 an ounce, hitting its lowest price since last November, while silver sank nearly 10% and other precious metals also plummeted.
The drop in commodities prices raised hopes on Wall Street of a consumer spending recovery, although the slide in crude prices pushed down shares of materials and energy-related companies.
European shares also gained, as aerospace and defense companies rallied on the stronger dollar, withstanding a heavy drag from falling mining stocks on the lower commodities prices.
The dollar was on track for a fifth week of gains against the euro, amid signs the U.S. economic slowdown may be bottoming while growth in the euro zone stalls.
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| Technical Calls |
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Gold price peaks to Rs16,900 in India bullion market |
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Gold prices in India continue to peak. On Satruday, gold prices spiked to a new high of Rs 16,900 per 10 gram in the bullion market. Gold dealers said strong marriage season demand amid firmimg global trends are driving gold prices in India. |
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Sri Lanka shoring up gold reserves |
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The Gold Price in Euros peaked on Feb. 20th above €782 an ounce. "We have been fairly strong accumulators of Gold reserves over the past few months," said Sri Lankan central bank chief Ajith Nivard Cabraal to Reuters today in an interview from Chenna |
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NMCE-Muthoot tie up for gold guinea, coins, bars |
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The National Multi-Commodity Exchange, India's third largest multi commodity exchange, has signed a deal with financial services company Muthoot Group to facilitate the futures trade in the guinea contract system. |
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Cardamom futures rose at the MCX counter Friday as the demand for the commodity in the spot market is seen firm against the lower than expected stockpiles. |
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MCX Comdex was up by 0.67% to 2687.20. MCX Energy was down by 0.98% to 2765.22, MCX Metal was up by 1.45% to 3130.30 and MCX Agri was up by 2.78% to 2182.39. |
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Domestic crude oil futures are trading with mild losses Friday as the impacts of the late sell of continued to linger on the market. |
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