Oil fell this week with spreading coronavirus cases in countries such as India tempering optimism.
(Bloomberg) Oil fell this week with spreading coronavirus cases in countries such as India tempering optimism around positive signs out of the U.S. and Europe.
Futures in New York rose the most in over a week on Friday, but were unable to reverse a 1.6% weekly loss as the market weighed a global economic reopening that’s coming in fits and starts. The U.S. has remained near the forefront of the world’s budding demand recovery from the pandemic, and the latest manufacturing figures out of Europe have stoked optimism around a recovery there.
Synopsis
Gold futures on MCX were up 0.17 per cent or Rs 81 at Rs 47,853 per 10 grams. Silver futures advanced 0.16 per cent or Rs 112 to Rs 69,330 per kg.
Shutterstock.com
Spot gold was up 0.2 per cent at $1,787.11 per ounce by 0135 GMT, after hitting its highest since Feb. 25 at $1,797.67 on Thursday.
Related
NEW DELHI: Gold and silver futures were trading with gains on Friday as a softer US dollar, falling Treasury yields and a dip in equities after the US President Joe Biden s proposal to hike capital gains tax encouraged investors to flock towards bullion.
The dollar index fell 0.1 per cent against its rivals, making gold cheaper for other currency holders. US 10-year Treasury yield ticked lower on news that Biden will propose a tax hike for high earners, to fund about $1 trillion in childcare, universal pre-kindergarten education and paid leave for workers.
Oil Set for Weekly Loss With Market Facing Patchy Demand Rebound
Bloomberg 1 hr ago Andres Guerra Luz
(Bloomberg) Oil headed for a weekly decline with spreading coronavirus cases in countries such as India tempering optimism around positive economic data in the U.S. and Europe.
Popular Searches
Futures in New York pared gains on Friday after briefly surging as much as 1.6% in a choppy trading session. U.S. benchmark crude is headed for a roughly 2% weekly decline, as progress toward a global economic reopening comes in fits and starts.
While the outlook is firming up in the U.S. and the latest manufacturing figures out of Europe have stoked optimism, India has been setting record numbers of daily coronavirus cases. The country’s diesel and gasoline consumption could fall by a fifth this month, and traders said the nation’s largest refiner had refrained from buying West African oil this week, defying expectations.
Oil Posts Weekly Loss With Market Facing Patchy Demand Rebound msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.