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July 02, 2018 12:33 PM | Business

Commodity Corner: Gold, silver prices decline on strong US dollar

Gold and silver prices continued to decline after strong US dollar. Gold was in a worst quarterly performance since 2015 and prices have declined by nearly 8 percent in the last three months. 

Silver prices are also just holding at Rs 39,000.

After six percent gains in the previous week, crude oil prices are trading more than a percentage point down.

Markets are looking at an expectation that Organisation of the Petroleum Exporting Countries (OPEC), Saudi Arabia and Russia may be looking at an increase in their own output on their individual capacity.

While Iran is bogged down by sanctions, but you could be looking at private Iran companies exporting oil.

Base metal prices have been volatile. Copper is trading at a three month low. It witnessed 3.5 percent decline in June.

Aluminium prices declined 7 percent for the month of June after weak China manufacturing growth data, strength in US dollar, the inventory stocks building up and the tensions simmering with America, has continued to weigh on the metal space.

Zinc has been the worst performer, with a decline of 8 percent in the month of June.

We have trading strategies from Anand Rathi and they are recommending a buy on gold and a sell on crude and copper.
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