Crude oil futures closed higher in the domestic market on Monday as speculators widened their bets, taking positive cues from the Asian markets. Analysts said speculative positions were built up by traders after crude oil prices edged up in Asia as OPEC member Venezuela indicated that a deal to limit output was close.
Fighting in Libya thwarted kick-starting of exports, but the gains were limited by ongoing worries about a supply glut which influenced crude prices.
At the MCX, crude oil futures for September 2016 contract closed at Rs 2,903 per barrel, up by 0.62 per cent, after opening at Rs 2,899, against a previous close of Rs 2,885. It touched the intra-day high of Rs 2,953.
Gold futures closed higher in the domestic market on Monday as the dollar backtracked in a nervous atmosphere ahead of two key central bank policy-setting sessions this week.
The Fed and the Bank of Japan are generally eyeing divergent directions for their respective monetary policies. Any actions, or simply their commentary, this week could influence their respective country’s currencies as well as dollar-priced assets like precious metals, which tend to move in opposite direction to the dollar.
At the MCX, gold futures for October 2016 contract ended at Rs 30,891 per 10 grams, up by 0.25 per cent, after opening at Rs 30,932, against a previous close of Rs 30,813. It touched the intra-day high of Rs 30,980.
Silver futures closed higher in the domestic market on Monday as traders built up fresh positions tracking a firm trend overseas.
Market analysts said that fresh positions created by participants in line with a firm trend in precious metals in global markets ahead of policy meetings at the US Federal Reserve and the Bank of Japan this week, mainly influenced silver prices at the futures trade.
At the MCX, silver futures for December 2016 contract closed at Rs 46,024 per kg, up by 1.66 per cent, after opening at Rs 45,620, against a previous close of Rs 45,273. It touched the intra-day high of Rs 46,268.