Brent Crude prices rose ahead of US EIA report - ZENMoney

Brent Crude Prices rose in advance of the US EIA report which is due on Wednesday on expectations to show domestic oil stockpiles declining for a fourth consecutive wee along with profit-taking on the trans-Atlantic spread.A rally in US markets along with a weaker dollar against basket of currencies supported the rise further.

Gold prices rose due to weaker dollar against basket of currencies on views by some that the Federal Reserve may reduce its US economic stimulus much later this year than thought along with expectations of steady buying from China and as speculators bought back bearish bets ahead of an option expiry later this week after the metal rallied further above a technical threshold at $1,300 an ounce.

Silver Prices rose marginally due to a weaker dollar against basket of currencies on speculation that the Fed Reserve Chairman won't rush to increase interest rates after the US central bank winds down its bond-buying stimulus program. A profit booking amid a weak trend in global markets capped the gains at domestic markets.

Base metals prices rose as investors awaited a new batch of Chinese economic data along with a weaker dollar and on steady buying from China. The metal further supported with local media news in China that the govt is looking to increase investment in railway projects . Uncertainty over the outcome of a Senate hearing over US banks' ownership of commodity businesses was adding to the subdued base metal market tone.

Source : Equity Bulls

Keywords