By | January 23, 2017

Crude oil rises as producers agree to cut output

Crude oil futures closed higher in the domestic market on Friday boosted by signs of tighter supply after major oil producers agreed to cut output.

Prices, however, finished off the day’s highs after data showed a hefty weekly rise in the number of active U.S. rigs drilling for oil. The increase raised concerns that rising output from the U.S. could derail efforts by other major producers to rebalance global oil supply and demand.

At the MCX, crude oil futures for February 2016 contract closed at Rs 3641 per barrel, up by 2.33 per cent, after opening at Rs 3570, against a previous close of Rs 3558. It touched the intra-day high of Rs 3664.

Silver rises on firm global cues

Silver futures closed higher in the domestic market on Friday as participants raised their bets amid firming global trends. Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas.

At the MCX, silver futures for March 2017 contract closed at Rs 41,551 per kg, up by 0.68 per cent, after opening at Rs 41,384, against a previous close of Rs 41,270. It touched the intra-day high of Rs 41,606.

Gold rises on weak US dollar

Gold futures closed higher in the domestic market on Friday as weakness in the U.S. dollar and uncertainty surrounding Donald Trump’s presidency helped to lift prices by roughly 0.7% for the week.

Uncertainty in the markets set in on Friday as Donald Trump became the 45th President of the United States and that’s likely to benefit prices for gold this year.

At the MCX, gold futures for February 2017 contract ended at Rs 28624 per 10 grams, up by 0.34 per cent, after opening at Rs 28,649 against a previous close of Rs 28,528. It touched the intra-day high of Rs 28,696.

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