Mcx Trading Tips; Brent crude falls below $84 on global growth

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Oil prices resumed their downward spiral in Asian trade today following another massive sell-off in equities as traders grow increasingly concerned about the global economic outlook, US benchmark West Texas Intermediate (WTI) for November delivery fell 90 cents to a two-year low of $80.88 a barrel in late-morning trade. Brent crude for November retreated 43 cents to $83.35, levels last seen four years ago.

Gold rallied more than 1 per cent to a one-month high on Wednesday after soft US data knocked the dollar lower against a basket of currencies and weighed on stock markets, boosting the metal's appeal as an alternative asset. A recovery in the dollar had prevented gold from gaining traction after it rebounded last week from its lowest since mid-2013.

Gold took some support from physical markets. Gold imports in India, the world's second-biggest consumer of the metal, nearly doubled in September from August to $3.75 billion, ahead of the country's wedding and festival season. In top buyer China, physical trading activity remained firm as seen on the Shanghai Gold Exchange, with premiums holding at about $4 an ounce.