Best Commodity Tips | Gold Futures Rally In Futures Market

Rudra Investment Experts Says that Best Commodity Tips Gold prices have risen sharply in the futures market. On Monday, the commodity exchange MCX rose by Rs 217, or 0.71 percent, to Rs 30,653 per ten grams on the bullion market on Monday. Similarly, silver for December delivery rose by Rs 206, or 0.56 percent, to Rs 37,199 per kg on MCX. The gold market in the overseas market is around $ 1196 per ounce.

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Brokerage firm SMC Securities said in its report that gold can take support at 30,300 rupees per 10 grams level, whereas its resistance level is around 30,700 rupees per ten grams. Similarly, silver can take around 36,500 support, while its resistance level is around 37,300.

Meanwhile, there has been no change in the holdings of the world's largest gold fund SPDR Gold Trust GLD. On Monday, the holding of SPDR has remained around 742.53 tonnes.

Why rise in gold?

According to Rudra Investment experts, a trade war between America and China is expected to increase. The US is preparing to impose an import duty on some new goods from China.

According to sources, America can again announce a tariff on Chinese goods worth $ 200 billion. This has led to increased demand for safe investment in gold. Besides, the dollar index has seen stability. Last week the dollar index reached a one-and-a-half month high.

Gold rose 12.6 percent from April

Gold prices in the overseas market have climbed nearly 12.6% since April this year. In fact, with the possibility of interest rates rising in the US, gold prices have been declining.

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Rudra Investment Best Commodity Tips Expert says Barclays Bank has said in its new estimate that crude oil can touch the figure of $ 80 a barrel in the short term. It means that there is little hope of immediate relief from petrol and diesel prices.

For the continued increase in the prices of petrol and diesel, the central government is blaming the ongoing turmoil at the international level. At present, no announcement has been made regarding relief from his side. In such a case, if you are waiting for softening in crude oil, then it is currently difficult to meet.

Barclays Bank has said in its new estimate that crude oil can touch the figure of $ 80 a barrel in the short term. It means that the prices of petrol and diesel are less likely to be relieved in the coming days.

Barclays has said in its foreclosure report that there were concerns about crude oil in 2017. Its supply was also expected to be better. But now everything has changed. Earlier, the bank had estimated crude oil to be $ 55 per barrel by 2020.

But in its new report, the bank has said that in 2020 Brent Crude could remain at $ 75 a barrel. On the other hand, many OPEC countries supplying the oil are not able to supply supplies. "

Oil strategist Harry Chillinguran associated with BNP Paribas told the Reuters that supply of crude oil may be reduced in 2019. The production is down in Venezuela. This is going to affect the supply.

They have speculated that Brent Crude could live at $ 79 a barrel in 2019. Because of this, it is difficult to get relief from the rising prices of petrol and diesel even further.

At the international level, if crude oil prices continue to rise, then the government will have to take any action. Otherwise, it is difficult to get relief from fuel prices quickly.

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Gold also got to see the softness on Tuesday. The dollar is almost a week's height due to the danger of trade war. It is affecting gold. However, Rudra Investment experts say that Best Commodity Tips, gold can be advantageous if the prices rise in emerging markets. Even in the domestic futures market, there was a trend of a slowdown in gold and silver in early trade.

On the Commodity exchange MCX, October delivery was trading at Rs. 30,232 per 10 gram with a weakness of Rs. 0.31 percent, or Rs. 95 per kg. It had a volume 1245 wave. Silver also found a weakness. Silver's September futures fell by 0.12 percent, or 46 rupees to Rs 36,770 per kilogram.

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Gold in the overseas spot market dropped 0.1 percent to $ 1,199.40 an ounce. US Gold futures also fell 0.1 percent to $ 1,206 per ounce. The market sentiment is weak with the growing trade war between the US and China. U.S. President Donald Trump wanted to implement a plan to impose $ 200 billion import duty on China.

On the other hand, worrying about the growing crisis in Argentina, there has been concern about emerging markets. On Monday, Argentine President Mauricio Macri announced the reduction in government spending along with imposing new taxes on exports. Meanwhile, the central bank of Turkey also said on Monday that it will take big leverage for the price stability. From there, interest rates are expected to increase.