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Commodities Market Today 24 April

Synopsis:

Today's commodities market demonstrates contrasting moves as US 10-year treasury yields dropped by 1.9 basis points to 4.605%, Dollar Index eases slightly at 105.48 levels, gold continues its decline to reach $2,321.57 per ounce, and brent crude prices inflate by 1.63% to reach $88.42 per barrel.

Top News and Events

  • US business activity data pressurise Treasury Yields: Treasury yields decreased as recent data revealed a slowdown in U.S. business activity, hitting a four-month low. Specifically, the yield on the key U.S. 10-year notes dropped by 1.9 basis points to 4.605% from its previous level of 4.623% recorded late on Monday.

  • Dollar Index settles slightly below the recent highs: Yesterday, the dollar index closed at 105.48, slightly easing from its recent peak. However,  it is still well-supported. Investors believe the Federal Reserve won't cut interest rates soon, buoyed by rising Treasury yields reaching their highest levels since November.

  • Yellow metal continues decline: Gold prices continued to decline, with spot gold dropping by 0.2% to $2,321.57 per ounce, while U.S. gold futures settled 0.2% lower at $2,342.10.

  • Oil prices inflate as all eyes remain on Middle East tensions: Brent crude futures increased by 1.63% to reach $88.42 per barrel, while U.S. crude settled up by 1.78% at $83.36. Investors kept a close eye on the Middle East, causing oil prices to climb.

Additional Read: Commodities Market Today

Prices of Popular Commodities

The day’s rate of Gold, Silver, Natural Gas, Crude Oil (Brent), Crude Oil (WTI)

Name

LTP

Change

Change%

GOLD

₹71,106.00

77.00

0.11

SILVER

₹6,950.00

+119.00

+1.74

COPPER

₹79,659.00

-1935.00

-2.37

CRUDE OIL

₹151.10

+1.70

+1.14

NATURAL GAS

₹837.50

-15.50

-1.82

Additional Read: Share Market News

Note: Stats/Prices updated as on April 24, 2024 at 9:38 AM 

Source: Moneycontrol

 

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