Commodity Market Today: Crude prices are consistently above $88. Rubber and coal prices are also seeing a rise. However, the prices of maize on NCDEX are showing a decline of around 3.50%. On the other hand, due to the news of increase in the prices of gold and silver, the prices of gold on COMEX have reached a high of 2 months. Let us take a look at the action taking place in these commodities in detail.
gleaming silver
There is a rise in the prices of gold and silver. Gold has crossed $1840 on COMEX. Gold has touched the level of $1,844.25. Gold has crossed $1840 on COMEX for the second consecutive day. The price of gold has reached the high of 2 months, while the gold on Comex has gained more than 3 percent. On the other hand, gold has come out above 48300 on MCX. Gold prices on MCX have been rising since 5 days. Gold on MCX is trading above 48000 for the third consecutive day. For the first time in January, gold has opened above 48300 on MCX. Let us know that in 2 weeks, gold on MCX has gained about 2%
At the same time, the price of silver has also increased on Comex. The price of silver on Comex is out above $24. The price of silver on Comex has risen about 8 percent in 2 weeks. On MCX also, the price of silver has come out above 64500. For the first time in January on MCX, the price of silver has opened above 64500.
Why did the brightness of gold and silver increase?
If we look at the reason for the rise in gold and silver, then the US 10 year bond yield is strongly supporting gold and silver. Increased hedging against inflation has also contributed to the rise in gold prices. The US FED is expected to raise rates in March. The US FED will meet on January 25-26. Investors are eyeing the minutes of the FED meeting. Rising crude prices have increased inflation in all countries. Rising crude prices have increased inflation in all countries. Inflation is at a 40-year high in the US. Inflation in the UK has reached a 30-year high.
Gold Prices Today: Due to geopolitical tension, yellow metal increased buying, resistance is at Rs 48,550-48,800
Brent holds above $88
Crude prices remain close to 7-year highs. Brent is trading above $88. On January 19, Brent touched a level of $ 89.17. The price of WTI has also come out above $85. On January 19, WIT hit a high of $87.91. WTI opened above $86 for the first time on 19 January. WTI rises for the fifth consecutive week, prices have risen by more than 19%. On MCX also, the price of crude has reached near Rs 6400. Crude on MCX is up more than 17% in 5 weeks.
Why is the boom going on?
If we look at the rise in crude oil, due to the lack of supply, the rise in crude prices continues. The IEA says that the demand for crude will increase further in 2022. At the same time, due to the ongoing tension in the Middle East, prices have also increased. OPEC+ countries are not producing as per the target. Crude production in Libya, UAE has decreased. There is also reduced production in Kazakhstan and North Dakota. Tensions between Russia and Ukraine also supported the prices.
IEA statement on crude
On the rise of crude, the IEA has said in its official statement that Omicron did not affect the demand for crude and the demand for crude will increase further in 2022. The supply is expected to increase soon. US, Canada, Brazil will increase production. UAE, Russia will also ramp up production.
rubber price hiked
Due to the rise in the prices of rubber in the international market, its prices are seeing a jump. Rubber prices have reached 7-month high. Rubber prices have increased due to increased demand in the auto industry. Rubber prices have increased due to increased demand in the auto industry. Imports have increased in China ahead of the Lunar New Year holidays. The fall in production has also led to a rise in prices. In the producing countries, production has decreased due to shortage of labor.
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