By Saumil Gandhi Precious metals headed for their first weekly gain in three weeks amid a softer US dollar and optimism that the Fed could go for the status quo in its June meeting. In the energy space, crude oil prices managed to trim losses after progress was made on the US debt deal and on expectations of OPEC supply cut. Natural gas prices also traded lower as mild weather conditions curbed domestic demand for the power-generation fuel. Base metals prices consolidated at the lower end amid dismal Chinese economic data. Demand concerns from the top metal-consuming country, China and a gloom ..read more

Saudi Arabia‘s announcement to reduce how much oil it sends to the global economy may arrest the fall in international oil prices, delaying revision in fuel prices in India, industry sources said. Saudi Arabia on Sunday announced cuts of 1 million barrels per day in oil output starting July, while the rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024. Also Read Crude oil price jumps 2% on Saudi plan to deepen output cuts from July The decision led to oil prices rising by more than USD 1 a barrel on Monday. Brent crude futures were at USD 77.64 a barre ..read more

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Thursday, while the silver rate is down 0.31%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,450 per 10 grams, down Rs 158 or 0.27%. Silver July futures were trading lower by Rs 222 at Rs 71,798 per kg on MCX.  Globally, the yellow metal prices edged lower in range bound trading on Monday as the dollar firmed after a strong U.S. payrolls report, overshadowing support from prospects that the Federal Reserve would pause its rate hikes this month, according to Reuters. Spot gold ..read more

Most Asian stock markets extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report, while oil jumped after Saudi Arabia pledged big output cuts. Brent oil rose 1% to $76.89 a barrel, giving up some of its earlier gains to as high as $78.73, while U.S. crude climbed 1.2% to $72.61 a barrel, after hitting a session high of $75.06. Also Read Asian shares rise on debt bill progress, Fed pause hopes Oil prices have recently come under pressure amid heightened concerns about China’s slowing economic recovery. They rose aft ..read more

Oil prices jumped more than $1 a barrel on Monday after the world’s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.64 a barrel, up $1.51, or 2%, at 0014 GMT after earlier hitting a session-high of $78.73 a barrel. U.S. West Texas Intermediate crude climbed $1.41, or 2%, to $73.15 a barrel, after touching an intraday high of $75.06 a barrel. Both contracts extended gains after rising more than 2% on Friday as the Saudi energy ministry said on Su ..read more

Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices. Saudi’s energy ministry said the country’s output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years. “This is a Saudi lollipop,” Saudi Energy Minister Prince Abdulaziz told a news conference. “We wanted to ice the cake. We always want to add suspense. We don’t want people to try to predict what we do… This market needs stabilisation”.OPEC+, which groups the Organiza ..read more

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Petrol and diesel prices were constant on Monday, 5 June across New Delhi, Kolkata, Mumbai, and Chennai. Petrol rates and diesel rates have been steady over the last twelve months. However, individual cities see fluctuations in their prices everyday. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed e ..read more

The prices of base metals lost their shine over the past year as supplies recovered after earlier disruptions and rising input costs and increased availability of raw materials also played their part. The supply of global base metals will remain tight in calendar year 2023, industry experts opine, due to supply issues and low inventory position. In the past one year, the prices of most base metals – including aluminium, copper, nickel, iron ore and hot rolled coil (HRC) steel – were trading lower by up to 40.3% on the London Metal Exchange (LME), Commodity & Energy Exchange (CMX) and Multi ..read more

By Bhavik Patel After Saudi Arabia’s warning for short sellers, looks like they are coming in squeeze.  Short sellers have piled on short positions as this week shorts were up to 148 million contracts, up 140% from last month on back of recession fears. On Thursday and Friday, crude recovered from 5590 to 5950 as shorters got a little nervous heading into the OPEC+ weekend, with new rumors circulating about the group’s discussions about another 1 million bpd in production cuts.  OPEC+ is scheduled to meet on June 4 and although, Russian Deputy Minister has said no production cuts is ..read more

By Jigar Trivedi Comex Gold rose to around $1,980 an ounce on Friday and on track to post its first weekly advance in four, as the US Federal Reserve signaled that it could pause its interest rate hikes this month. Fed Governor Philip Jefferson and Philadelphia Fed President Patrick Harker suggested this week the US central bank could skip a rate hike in the next meeting, but qualified that any decision to hold rates steady should not be viewed as the end of the tightening cycle. Mixed US economic data supported such an outlook. The US Senate has voted to approve a bipartisan deal that would i ..read more