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The commodities market today is driven by recession fears and rising tension in the Middle East. On Monday, the 10-year yield fell to 3.78%, the dollar index steadied around 102.8, WTI crude oil rose 1.86% to $74.30/barrel, while gold fell 0.9% to $2,447.60/ounce.
Mixed Movement in US Treasury Yields: The US 10-year yield fell 1.4 basis points to 3.78% on Monday, while the two-year rate increased by three basis points to 3.9%.
Dollar Index Stabilises After Decline: The dollar index steadied around 102.8 on Tuesday after losing up to 2.1% over the previous two sessions.
Yen Weakens Amid Economic Concerns: The yen weakened by over 1% to trade at 145.75 against the US dollar. Analysts caution that recession fears might be exaggerated, and the unwinding of the yen carry trade will stabilise the currency.
Crude Oil Prices Rise: US West Texas Intermediate crude rose 1.86% to trade at $74.30 per barrel, while Brent crude climbed 1.65% to $77.56 per barrel. Rising prices reflect supply concerns and geopolitical tensions.
Precious Metals Decline: Gold dropped 0.9% to $2,447.60 per ounce, and silver fell 3.8% to $27.31 per ounce.
The day’s rate of Gold, Silver, Natural Gas, Crude Oil (Brent), Crude Oil (WTI)
Name | LTP | Change | Change% |
GOLD | ₹69,257.00 | -838.00 | -1.20 |
SILVER | ₹79,975.00 | -3396.00 | -4.07 |
COPPER | ₹783.00 | -16.00 | -2.00 |
CRUDE OIL | ₹6,115.00 | -41.00 | -0.67 |
NATURAL GAS | ₹162.80 | -1.90 | -1.15 |
Note: Stats/Prices updated as of August 6, 2024, at 9:20 AM.
Source: Moneycontrol
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