Commodity Market Update (Gold)

Precious metals on CMX are trading silent since morning after the last week’s sharp gain on the back of FOMC meeting where they projected a slower pace of rate hikes. Actively traded Gold contract is down 3.20 points or 0.28% to trade at 1181.40 and Silver is losing 1.26% or 21 cents to trade at 16.67 after having tested a low of 16.61 an ounce. Base metals are gaining since morning as the demand for the industrial metals increase. LME Copper tested a high of 6141.50

before trading at 6080.50, up 40 points or 0.66% while Lead is leading the group, surging over 1.5% or 28 points to trade at 1804.50, followed by rest of the metals. Crude Oil futures tumbled as Saudi Arabia’ oil minister prompted market players to refocus their attention on ample global supplies. NYMEX Crude Oil prices tested a low of 45.33 before trading at 45.62, dropped over 2% or 95 cents while Natural Gas fell 2.30% or 6 cents to trade at 2.722 per mmbtu.