Friday, 19 September 2014
Mcx Tips for Bullion Market; Gold ticks up slightly
In Mcx Gold edged up slightly on Friday but concerns remained over a rate hike in the United States and a strengthening economy, keeping the metal firmly near its lowest in 8-1/2 months. Gold came under selling pressure after the Federal Reserve indicated on Wednesday it could raise borrowing costs faster than expected when it starts moving.
Natural gas prices dropped on Thursday after data showed that U.S. stockpiles surpassed the five-year average last week. On the New York Mercantile Exchange, natural gas futures for delivery in October were down 1.76% at $3.943 per million British thermal units during U.S. trading. The commodity hit a session low of $3.905, and a high of $4.027. The October contract settled up 0.45% on Tuesday to end at $4.013 per million British thermal units.
Natural gas futures were likely to find support at $3.786 per million British thermal units, last Friday's low, and resistance at $4.078, the high from Sept. 2.Elsewhere on the NYMEX, light sweet crude oil futures for delivery in November were down 1.15% at $92.13 a barrel, while heating oil for October delivery were down 1.39% at $2.7070 per gallon.
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