Market Update

Market Watch

Friday, 7 November 2014

Free Mcx Trading Tips Updates; Gold poised for third weekly drop

Today Mcx Gold held close to a 4-1/2 year low and looked set to post its third straight weekly drop on Friday, as the US dollar rallied on expectations the Federal Reserve could raise rates sooner rather than later. A robust US non-farm payrolls report later in the day could provide more evidence of a strengthening economy, influencing the Fed and possibly hurting gold, a non-interest-bearing asset.
Spot gold fell as much as 0.8 percent to $1,131.85 - lowest since April 2010 - before recovering modestly to $1,133.30 by 0622 GMT. The yellow metal has fallen over 3 percent so far this week. Spot silver tumbled to $15.03 - the lowest mark reached since February 2010 - as it headed for its fourth weekly decline in a row. The sell-off in gold began a week ago when the metal broke through $1,180 - the lowest level reached during a 28-percent plunge last year.
Crude oil prices eased in Asia on Friday after OPEC cut a demand forecast for its crude and Libyan officials reportedly said they expect their biggest oil field to recover from a rebel attack and restart production soon. On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded at $77.83 a barrel, down 0.19%, after hitting an overnight session low of $77.13 a barrel and off a high of $79.02 a barrel.
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