कच्चे तेल में कमजोरी, सोने में मजबूती

अंतर्राष्ट्रीय बाजार में कच्चा तेल गिरावट के साथ कारोबार कर रहा है। नॉयमेक्स क्रूड 0.10 फीसदी की गिरावट के साथ 52.00 डॉलर के आस-पास नजर आ रहा है। वहीं ब्रेंड क्रूड में भी कमजोरी दिख रही है और ये 0.10 फीसदी की कमजोरी के साथ 61 डॉलर के आस-पास कारोबार कर रहा है।

वहीं दूसरी तरफ अंतर्राष्ट्रीय बाजार में सोने में तेजी नजर आ रही है और कोमेक्स पर सोना 0.11 फीसदी की मजबूती के साथ 1344.40 डॉलर पर कारोबार कर रहा है। वहीं चांदी में सुस्ती दिखाई दे रही है और कोमेक्स पर चांदी 0.25 फीसदी की कमजोरी के साथ 15 डॉलर के आस-पास कारोबार कर रही है।

कुंवरजी ग्रुप के रवि दियोरा की ट्रेडिंग टिप्स

एमसीएक्स जिंक (जून): बेचें-206.4 रुपये, लक्ष्य-202.0 रुपये, स्टॉपलॉस-208.8 रुपये

एमसीएक्स नैचुरल गैस (जून): बेचें-168.0 रुपये, लक्ष्य-162.0 रुपये, स्टॉपलॉस-170.8 रुपये

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Gold firms above $1,280 as weak US data rekindles rate cut hopes

Gold prices held steady on Friday after rising above $1,280 in the previous session as weak U.S. data pushed the dollar off 2-year highs and reignited hopes of a rate cut by the Federal Reserve this year.

Spot gold was mostly steady at $1,283.41 per ounce by 0252 GMT, after rising as much as 1.1% to a one-week peak of 1,287.23 in the previous session. The metal has risen 0.5% so far this week.

U.S. gold futures for June were down 0.2% at 1,282.40.

"Gold has found a very good support around $1,270. There was some short covering after the (weak U.S.) data that pushed prices up. However, the upside could be limited as $1,290 is acting as a strong resistance," said Peter Fung, head of dealing at Wing Fung Precious Metals.

The U.S. dollar retreated after hitting its highest level in two years as weak domestic data and the potential economic fallout from the trade war with China increased expectations for an interest-rate cut this year.

Sales of new U.S. single-family homes fell from near an 11-1/2-year high in April as prices rebounded and manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in economic growth was underway.

While the expectations of a rate cut is good for gold, prices can go higher only if the metal can break above $1,290-$1,300 range with the dollar still being strong, Fung added.

Lower interest rates tend to lift gold as it reduces the opportunity cost of holding the non-yielding bullion.

Four Fed officials on Thursday conceded that aggravating U.S.-China tensions could threaten economic growth, a marked deviation from Chair Jerome Powell's Monday comments where he said it was too early to ascertain the impacts of trade on the trajectory of monetary policy.

However, gold has been under pressure of late as investors have preferred the U.S. dollar amid intensifying U.S.-China trade tensions. Bullion is down nearly 5 percent since touching a 10-month peak in February at $1,346.73.

"Gold has disappointed to the upside often in the past and we would therefore like to see a string of more consistent gains before we feel comfortable signalling an all-clear on the upside," INTL FCStone analyst Edward Meir said in a note.

Among other precious metals, silver fell 0.3% to $14.54 per ounce, and palladium edged 0.3% lower to $1,314.25.

Platinum rose 0.9% to $800.00 an ounce, having touched its lowest since Feb. 15 at $791 in the previous session.

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Gold eases as placid Fed supports dollar, dents demand for bullion

Spot gold fell 0.2% to $1,275.61 per ounce at 0334 GMT. Last session, gold dipped to a more than two-week trough of $1,273.22.

Gold eased on Tuesday after touching a more than two-week low in the previous session, as increasing bets that the U.S. Federal Reserve will not cut interest rates this year boosted the dollar which usurped bullion's safe-haven appeal.

Spot gold fell 0.2% to $1,275.61 per ounce at 0334 GMT. Last session, gold dipped to a more than two-week trough of $1,273.22.

U.S. gold futures also eased 0.2% to $1,275.20 an ounce.

The dollar held near a 2-1/2-week high on Tuesday, supported by higher U.S.-yields and as intensifying trade frictions between the United States and China boosted appetite for the safe-haven greenback.

"The dollar strength is starting to re-emerge because the Fed really hasn't been as dovish as market participants are looking for," said David Song, an analyst at DailyFX.

"As long as the data continues to come broadly in line with what the Fed is looking for, we are watching a theme right now where the Fed is really reluctant to conclude their hiking cycle."

Fed Chair Jerome Powell said on Monday it was "premature" to ascertain the impacts of trade and tariff on the trajectory of monetary policy instead enunciating that recent economic data pointed towards a healthy supply side.

Elsewhere, Asian shares wobbled near four-month lows on mounting worries the White House's black-listing of Chinese telecom giant Huawei could further inflame already tense relations between the United States and China.

Gold, which is generally considered a safe-haven asset, has shrugged most news of escalating tensions, much to the bulls' dismay, analysts said.

Analysts said now the dollar has started to mimic its characteristics from last year when it was preferred over gold by investors looking to hedge against a simmering trade war.

Beijing on Monday accused Washington of harbouring "extravagant expectations" for a deal to end their stretched trade dispute, sparking worries that the two countries were digging for a longer, costlier trade war.

"Gold's lack of momentum despite an escalating trade war, raised concerns about stability in the Middle East, recent stock market gyrations and bond yields near an 18-month low have left potential investors frustrated and sidelined," Saxo Bank commodity strategist Ole Hansen said in a note on Monday.

"The currency market is potentially posing the biggest short-term challenge with the dollar increasingly behaving as the only safe haven at this stage."

Markets now await the Fed minutes due on Wednesday, which will provide insights into the May 1 meeting by the central bank.

Among other precious metals, silver fell 0.2% to $14.44 an ounce, closing in on a more than five-month low of $14.33 touched in the previous session.

Platinum dipped 0.2% to $809.80, after hitting a two-month low of $805.50 last session, while palladium rose 0.2% to $1,331.35.

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Gold futures fall 1.21% on weak domestic cues

Gold prices dipped 1.21 percent to Rs 31,407 per 10 gram in futures trade on Monday as speculators reduced exposure amid weak domestic cues.

On the Multi Commodity Exchange, gold for delivery in June contracts eased by Rs 384, or 1.21 percent, to Rs 31,407 per 10 gram in a business turnover of 7,567 lots.

In the domestic markets, a strong rupee against the US dollar dented the safe-haven sentiments of the precious metal, say reports.

Gold prices were trading marginally up by 0.01 percent to USD 1,275.80 an ounce in New York.

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Gold near two-week low as dollar eclipses safe-haven appeal

Gold steadied on Monday, trading near a two-week low hit in the previous session, as strong U.S. economic data underpinned the dollar amid geopolitical as well as trade tensions.

Spot gold was broadly unchanged at $1,276.79 per ounce at 0321 GMT.

U.S. gold futures were 0.1% higher at $1,276.40 an ounce.

The metal fell to a two-week low of $1,274.51 an ounce on Friday after data showed United States consumer sentiment jumped to a 15-year high in early May amid growing confidence over the economy's outlook.

"The safe-haven demand of the U.S. dollar is taking some of the gloss off gold's safety," said Michael McCarthy, chief market strategist, CMC Markets.

"It is a tough time all around for gold with the break below $1,290 also pressuring it. In the absence of safe-haven demand I would expect to see ongoing modest pressure on gold prices."

Rekindled Sino-U.S. trade tensions have seen the dollar mimicking its characteristics from last year when it was preferred over gold as a safe-haven hedge.

The dollar index booked its biggest weekly rise since early March last week.

Market participants were left concerned after Google confirmed a Reuters report stating that it suspended some business with Chinese tech giant Huawei, which has been a sticking point in the trade relations between the United States and China.

In the Middle East, Iran was served a new warning by Trump who tweeted that if the country wanted to fight, that would be its "official end".

The heightened rhetoric follows last week's attacks on Saudi oil assets and the firing of a rocket on Sunday into Baghdad's heavily fortified "Green Zone" that exploded near the U.S. embassy.

"For gold, $1,265 is now a critical support that must hold. A daily close below that region implies a much deeper correction could be imminent," OANDA analyst Jeffrey Halley said in a note.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.4% to 736.17 tonnes on Friday.

Hedge funds and money managers also raised their net long positions in COMEX gold in the week to May 14, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

"We suspect some of the these new longs must have gotten shredded over the past two sessions," INTL FCStone analyst Edward Meir said in a note.

Among other precious metals, silver was up 0.3% to $14.43 an ounce, having registered a more than five-month low at $14.35 in the previous session.

Platinum gained 1% to $821.85, having fallen to $812.50, its lowest since March 11, in the previous session.

Palladium rose 0.3% to $1,314. The metal used in catalytic converters in car exhaust systems has shed about 19% since scaling a record peak of $1,620.53 in March.

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Gold loses sheen in futures trade

Gold prices fell by Rs 26 to Rs 31,950 per 10 gram in futures trade Friday as speculators went for profit-booking in tandem with a weak trend in overseas market.

On the Multi Commodity Exchange, gold to be delivered in June fell by Rs 26, or 0.08 percent, to trade at Rs 31,950 per 10 gram in a business turnover of 8,250 lots.

The yellow metal for delivery in August contracts, too, shed Rs 23, or 0.07 per cent, to trade at Rs 32,140 per 10 gram with a business volume of 8,080 lots.

Analysts attributed the fall in gold futures to profit-booking by traders in the domestic markets.

Globally, the precious metal lost steam on a firmer dollar and increasing investors' preference for riskier assets denting the safe haven sentiments, say reports.

Gold was trading lower 0.01 per cent to USD 1,286.10 an ounce in New York.

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Expect Gold futures to trade sideways: Angel Commodities

On Wednesday, spot gold prices ended marginally lower by 0.03 percent to close at $1296.4 per ounce. The officials of U.S and China confirmed that the two countries have decided to continue with their trade negotiations which eased off worries of global crisis and boosted the risk appetite amongst investors in turn pressurizing Gold.

President Trump planned to postpone imposing tariffs on imported cars and parts by up to six months avoiding further escalation of trade tension between the biggest economies in the world. However, U.S. levied severe sanctions on China's telecoms giant Huawei on 15th may 2019 fading off any optimism over a possible trade deal.

U.S. Treasury Secretary Steven Mnuchin will travel to Beijing soon to resume with the trade negotiations as the two countries try to bridge their differences and end their month’s long trade spat.

Outlook

We expect Gold prices to trade sideways as US & China confirm continuation of trade talks which eased of worries of a full blown trade war and increasing risk appetite amongst investors. On the MCX, gold prices are expected to trade higher today, international markets are trading lower 0.15 percent at $1295.85 per ounce.

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Gold steadies as trade optimism dims on Huawei sanctions

Gold steadied on Thursday, consolidating in a tight range below the key $1,300 pivot, as Washington slapped sanctions on Chinese telecoms giant Huawei, souring optimism for a thaw in U.S-China trade tensions.

Spot gold was unchanged at $1,296.30 per ounce at 0409 GMT, moving in a narrow range of about $3.

U.S. gold futures edged 0.1 percent lower to $1,296.80 an ounce.

"There are still a lot of underlying tensions (surrounding U.S.-China trade relations) so that might be supportive for gold," said John Sharma, economist at National Australia Bank.

While gold's gains may be limited by expectations of talks between the U.S. and China, the metal would still hover in the $1,280-$1,310 range, Sharma added.

Asian equities slipped after the United States hit Huawei with severe sanctions, threatening to further strain trade ties, and erasing limited gains triggered by news that U.S. President Donald Trump planned to delay implementing tariffs on auto imports.

The news on the sanctions dented hopes of a lull in the escalating trade spat, which has roiled wider markets and brought back to the fore risks of a slowdown in global growth, exacerbated by recent weak economic data from China.

It also came soon after U.S. Treasury Secretary Steven Mnuchin said he will likely travel to Beijing to continue negotiations with Chinese counterparts.

Escalations in trade tensions or economic uncertainty would make a case for gold, which is considered a safe-haven asset.

However, "gold seems to have reached a temporary detente at these levels with momentum weak to push it either way. The geopolitical premium appears to be baked into the price for now," Jeffrey Halley, senior market analyst, Asia Pacific at OANDA said in a note.

On the technical front, spot gold is expected to test a resistance at $1,307, a break above which could lead to a gain to $1,322, according to Reuters technical analyst Wang Tao.

Meanwhile, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.4 percent to 733.23 tonnes on Wednesday. Holdings are now around its lowest levels since Oct. 9.

Among other metals, silver edged 0.1 percent lower to $14.78 an ounce, while palladium fell nearly 1 percent to $1,332.05 an ounce.

Platinum fell 0.4 percent to $842.21, having touched a seven-week trough at $837.75 in the previous session.

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Gold futures fall 0.13% on weak global cues

Gold prices fell 0.13 percent in futures trade on May 15 as speculators were engaged in reducing their holdings amid a weak trend overseas.

On the Multi Commodity Exchange, gold for delivery in June contracts was trading lower by Rs 42, or 0.13 percent, to Rs 32,199 per 10 gram in a business turnover of 9,005 lots.

On a similar note, the August contract of gold fell by Rs 102, or 0.31 percent, to Rs 32,335 per 10 gram in a business volume of 8,123 lots.

Analysts said, off-loading of positions by participants tracking a weak trend overseas led to the fall in gold prices here.

Gold prices fell 0.15 percent to $1,294.40 an ounce in New York.

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Gold steadies off 1-month peak on Sino-US trade talk hopes

Gold steadied on Wednesday after retreating from a one-month peak in the previous session as Washington and Beijing decided to further their discussions on trade, soothing investor concerns around a full-blown trade war.

FUNDAMENTALS

- Spot gold was steady at $1,297.45 per ounce at 0136 GMT.

- U.S. gold futures were also steady at $1,298 an ounce.

- U.S. President Donald Trump on Tuesday called the trade war with China "a little squabble" and insisted talks between the world's two largest economies had not collapsed, as investors remained on guard for a further escalation of tit-for-tat tariffs.

- Meanwhile on Tuesday, the Chinese government also confirmed that the two countries have agreed to keep talking about their trade dispute.

- The dollar was also firm early in Asia on Wednesday, while the Australian dollar brushed a fresh more than four-month low as traders eyed Chinese and European data for evidence that the worst may be over for the global economy.

- In the previous session, both U.S. and European stocks were lifted by Trump downplaying his trade war with China, a day after a spike in tensions between the world's two largest economies rattled financial markets.

- However, restraining further downside for gold, Asian shares still struggled near a 3-1/2-month low on Wednesday on lingering concerns over the economic impact of a U.S.-China trade war.

- Global investors' equity allocations fell 6 percentage points in May and over a third of fund managers have taken out protection against sharp stock market falls in coming months, Bank of America Merrill Lynch's latest monthly survey found on Tuesday.

- Petra Diamonds said on Tuesday it sold a 425-carat diamond, recovered at its flagship Cullinan mine in South Africa in March, to Belgium-based Stargems Group for $15 million, potentially helping it turn free cash flow positive this year.

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Gold prices are expected to trade higher today: Angel Commodities

On Monday, spot gold prices ended higher by 1.09 percent to close at $1299.7 per ounce. China’s announcement of retaliation pushed the risk appetite amongst investors in turn boosting the appeal for the safe haven asset. U.S. hiked the tariff rates last week to 25 percent on the 200 billion worth of Chinese goods imported in the United States. China has stated that it might retaliate with fresh round of tariffs on US imports in China which might further deteriorate the global scenario. However, China doesn’t have much of US good to impose duty on. The gains for Gold were capped as Trade dispute between U.S. & China weighed on China’s currency; yuan, raising demand concerns from the world’s largest metal consumer. The yuan declined the most in over 9 months making Gold expensive for Chinese buyers. However, declining Bond yields, global stocks along coupled with weaker Dollar kept the gold prices higher.

Outlook

We expect Gold prices to trade higher as China retaliation might further increase the demand for the bullions. On the MCX, gold prices are expected to trade higher today, international markets are trading marginally lower by 0.20 percent at $1299.15 per ounce.

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Gold futures fall 0.43% on weak cues

Taking weak cues from global markets, gold prices fell 0.43 percent in futures trade Tuesday as speculators engaged in reducing their holdings.

In futures trading on the Multi Commodity Exchange, gold for delivery in June contracts was trading lower by Rs 140, or 0.43 percent, to Rs 32,358 per 10 gram in a business turnover of 9,784 lots.

Similarly, the August contract of gold fell by Rs 162, or 0.5 percent, to Rs 32,538 per 10 gram in a business volume of 8,002 lots.

Reports say the continuing trade dispute between the US and China dented on investor sentiments.

Analysts said off-loading of positions by participants, tracking a weak trend overseas, led to the fall in gold prices at futures trade here.

Gold prices fell 0.28 percent to USD 1,298.20 an ounce in New York.

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Gold steadies near one-month peak as trade escalation lifts safe-haven demand

Gold prices held steady near one-month highs on Tuesday as an escalation in Sino-U.S. trade war sent investors looking for safe-haven assets.

Spot gold was mostly steady at $1,298.48 as of 0255 GMT, after hitting $1,303.26, its highest since April 11.

U.S. gold futures were down 0.2% at $1,299.20.

Asian shares extended losses on Tuesday, following sharp falls on the Wall Street overnight, the yen strengthened and U.S. Treasury yields ticked lower after Beijing on Monday announced retaliatory tariff-hike to counter Washington.

"Gold is moving because people are looking to find a safe harbour in the storm while they wait for the dust to settle," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

"Prices could further rise to $1,310-$1,312 if stock markets end lower. But, any sudden breakthroughs in the trade stand-off possibly could see investors stampeding for the exit as fast as they arrived."

On Monday, the metal rose 1.1% to mark its biggest one-day percentage rise since February 19. Prices broke through multiple technical resistances, which had acted as a barrier for bullion despite the slump in global markets over the past week.

The biggest trigger for gold came on Monday after China announced that it would impose higher tariffs on a range of U.S. goods, which followed Washington's decision last week to hike its own levies on $200 billion in Chinese imports.

In addition to more tariffs, traders are concerned that China, the largest foreign U.S. creditor, may dump treasuries to counter the Trump administration's hardening trade stance.

Adding to financial market worries, gold investors were also keeping a tab on escalating tensions between the United States and Iran after Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates.

"The Middle East escalation news brings us a step closer to a significant U.S. military reprisal. Fears that China will weaponise U.S. Treasuries in trade war retaliation is scaring the daylights out of markets even if it is unlikely," said Stephen Innes, head of trading and market strategy at SPI Asset Management.

Rise in investor interest in bullion was also evident after holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.44% on Monday, its biggest one-day rise in nearly two months.

Among other precious metals, silver edged 0.1% higher to $14.78 per ounce, while platinum rose 0.3% to $855.85.

Palladium rose 0.6% to $1,331.

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Gold firms as US-China trade impasse fuels safe-haven demand

Gold prices steadied on Monday as trade talks between the United States and China hit a wall, raising doubts over whether the two countries would be able to reach a deal, thereby boosting demand for safe-haven assets.

FUNDAMENTALS

- Spot gold gained 0.1% to at $1,286.59 per ounce at 0113 GMT.

- U.S. gold futures were steady at $1,287.90 an ounce.

- The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any "bitter fruit" that harmed its interests.

- Washington had already hiked tariffs on $200 billion worth of Chinese exports on Friday, while U.S. President Donald Trump further ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China.

- Stock futures turned red in Asia early on Monday as a standoff in Sino-U.S. trade talks blunted risk appetite, underpinning safe harbours including the Japanese yen and sovereign bonds.

- The safe-haven yen edged higher and the Chinese yuan and Australian dollar dipped early on Monday after the latest escalation in the trade war between the United States and China.

- Gold demand jumped last week in India due to increased retail purchases for key festival and weddings on price corrections, while premiums in China eased as buying slowed at the world's top consumer.

- SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.91 percent to 733.23 tonnes on Friday from 739.94 tonnes on Thursday.

- Hedge funds and money managers raised their net long positions in COMEX gold for the week to May 7, the U.S. Commodity Futures Trading Commission (CFTC) said last week.

- South Africa's Competition Appeals Court will rule next week on a union request to block the mining deal in which Sibanye-Stillwater intends to acquire rival Lonmin, legal counsel said on Friday.

- The price gap between palladium and its sister metal platinum needs to shrink as number one platinum producer South Africa requires a higher price for the metal to keep investing in new supply, Russia's Norilsk Nickel said.

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Gold prices firm with US-China trade tensions in focus

Gold prices were steady on Friday, remaining on track for a weekly gain as investors shy away from riskier assets on worries that a rift over trade between the United States and China could deepen if talks between the two fail to reach a deal.

Spot gold was unchanged at $1,283.41 per ounce at 0311 GMT and is up about 0.4 percent for the week.

U.S. gold futures were also steady at $1,284.30 an ounce.

Top U.S. and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China.

Before they get back around the table on Friday, the United States will have increased duties on $200 billion of Chinese goods, to 25 percent from 10 percent. The duties apply to cargoes leaving China after 12:01 a.m. EDT (0401 GMT) Friday.

"There is still some level of uncertainty surrounding the U.S.-China trade deal, and when gold tends to go down there seems to be opportunistic buying," said John Sharma, economist at National Australian Bank.

The metal had fallen to its lowest since the end of December late last week, but has since risen nearly 1.4 percent.

However, climbs in gold have been somewhat muted despite broad risk-aversion in the market, with other safe-havens such as the yen and Swiss Franc gaining.

"A lot of the (influence form) trade talks was priced in, and for gold to rise more sustainably we need to see some more weakness in the (broader financial) market," said Sharma.

"There was some concern about global growth, but there still hasn't been any news that confirms the economy is going to be much slower."

Gold was also facing a barrier around $1,290 levels, restricting buying from traders who follow technical charts, analysts said.

Spot gold is targeting a range of $1,267-$1,274 as it failed to break resistance at $1,291 per ounce, according to Reuters technical analyst Wang Tao.

Meanwhile, palladium rose 1.4 percent to $1,313.05 an ounce, having fallen over 4 percent in the previous session to its lowest since Jan. 4 at $1,263.85. The metal is still on track for its second straight weekly decline.

Silver edged up 0.1 percent to $14.78 per ounce, while platinum rose 1.4 percent to $856.

Silver is on course to register a second straight week of declines, while platinum looks set for a third weekly drop in a row.

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Gold futures firm up on positive cues

Gold prices rose by Rs 77 to Rs 31,762 per 10 gram in futures trade on Thursday as speculators widened their bets, tracking a firm trend overseas.

On the Multi Commodity Exchange, gold for delivery in June contracts was trading higher by Rs 77, or 0.24 percent, to Rs 31,762 per 10 gram in a business turnover of 9,432 lots.

Similarly, the August contracts of the precious metal was up by Rs 89, or 0.28 percent, to Rs 31,955 per 10 gram with a business volume of 6,150 lots.

Analysts said raising of bets by participants taking positive cues from the global market mainly pushed up the prices where investors remained hopeful ahead of China-US trade negotiations.

Globally, gold rose 0.16 percent to trade at USD 1,283.40 an ounce in New York.

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Crude Oil prices are expected to trade lower today: Angel Commodities

On Wednesday, WTI Crude prices ended higher by 1.2 percent to close at 61.4 per barrel. U.S. sanctions on OPEC members (Iran & Venezuela) led to further tightening of supply in global market amid output cuts by OPEC and its allies which led to a rally in Crude prices. The U.S. made it clear that it won’t grant any further waivers to the importers of Iranian Crude without facing U.S. sanctions. As per report from the Energy Information Administration (EIA), U.S. Crude inventories declined by 4 million barrels last week. Even the crude production in US has slowed down by 100,000 bpd amid declining imports which might support the prices.

Outlook

Escalating trade tension between U.S. and China might raise demand concerns for Crude in turn push the prices lower. On the MCX, oil prices are expected to trade lower today, international markets are trading lower by 0.90 percent at $61.56 per barrel.

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Gold prices hold firm ahead of US-China trade talks

Gold prices held steady on Thursday ahead of Sino-U.S. trade negotiations, while demand for government bonds and Japanese yen and a key technical resistance limited gains for the safe-haven metal.

Spot gold firm at $1,280.76 per ounce at 0317 GMT. U.S. gold futures were also steady at $1,281.30.

"We are not in the flight to safety or panic mode despite the risk averse market we are seeing right now and that's why we are not seeing gold prices rally," said David Song, an analyst at DailyFX.

Gold prices closed near session lows on Wednesday after climbing to their highest since April 15 at $1,291.39.

"There is still some hope that there could be a deal between U.S. and China. We are watching $1,250-$1,260 levels with 200-day moving average a key factor for gold," Song said, adding that the Japanese yen's uptick has benefited from the risk-off sentiment in global markets.

The dollar has sagged against the Japanese currency, stocks have retreated and government bonds have surged in turn.

Markets were nervously awaiting the start of two-day trade talks in Washington later in the day to see if Chinese negotiators can convince the White House to back down on a possible tariff hike on Chinese imports.

Washington has accused Beijing of backtracking on commitments made during trade negotiations and U.S. President Donald Trump has threatened to hike existing tariffs on Chinese goods on Friday and impose fresh levies soon if there is no deal.

While gold has managed to draw support due to risk averse markets, prices have not been able to register a significant uptrend with $1,290 levels further acting as a key technical barrier.

"The precious metal has struggled to hold bullish gains as technical overview remains negative for the current term," Singapore-based Phillip Futures said in a note.

"A continuation of the negative trend scenario during intraday trading session will see market forces test the key support of $1,274."

Spot gold may fall into a range of $1,267-$1,274, as it failed to break a resistance at $1,291 per ounce, according to Reuters technical analyst Wang Tao.

Silver was down 0.3 percent at $14.81 an ounce, while platinum was up 0.5 percent at $861.

Palladium rose 0.1 percent to $1,316.75 an ounce.

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Gold futures rise 0.16% on fresh bets

Gold prices on May 8 rose 0.16 percent to Rs 31,779 per 10 gram in futures trade as participants created fresh positions tracking firm trend overseas and at domestic markets.

On the Multi Commodity Exchange, gold for delivery in June contracts rose by Rs 50, or 0.16 percent, to Rs 31,779 per 10 gram in a business turnover of 9,741 lots.

Gold prices overseas clocked a week-high as investors resorted to the safe-haven assets on renewed worries over US-China trade dispute and its potential impact on the global economy, say reports.

In the domestic markets, too, the demand for the yellow-metal gathered steam as a safe bet.

Also, the delivery in August contracts gained Rs 39, or 0.12 percent, to Rs 31,929 per 10 gram in business volume of 3,317 lots.

The gold prices rose USD 3.10, or 0.24 percent, to USD 1,288.70 an ounce in New York.

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Gold prices are expected to trade higher today: Angel Commodities

On Tuesday, Spot gold prices ended higher by 0.33 percent whereas on the MCX Gold prices ended higher by 0.53 percent. Gold prices firmed as the U.S.-China trade tension dented the risk appetite amongst investors in turn improving the appeal for the safe haven. President Trump further added that he would target a further $325 billion of Chinese goods with 25 percent tariffs “shortly”, aiming to impose tariffs on all the products imported into the United States from China which strengthened the Dollar Index. Chinese Vice Premier Liu He will travel to Washington for the final two days of trade talks this week to try and avoid the hike in tariff rates or any additional tariffs on Chinese goods which might have severe impact on the China’s economy and global economic growth.

Outlook

We expect gold prices to trade higher as Trump threatened to hike the tariff rates from 10 percent to 25 percent on Chinese goods which might dent the risk appetite amongst investors and increase the demand for the safe haven asset, Gold. On the MCX, gold prices are expected to trade higher today, international markets are trading marginally higher by 0.16 percent at $1287.65 per ounce.

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