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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 11 OCT 2018

CS MCX Commodity Evening mkt updates

BULLION:-

Gold prices rose on Thursday as a sell-off in global stock markets prompted investors to seek safety in the metal, with a softer dollar further supporting bullion. European stocks fell in line with a slump on Wall Street, pointing to growing risk aversion across global markets and turning greater attention to U.S. inflation data later in the day for clues on the pace of monetary tightening. Wednesday’s dive on Wall Street prompted U.S. President Donald Trump to lash out against the U.S. Federal Reserve for raising interest rates. Some analysts said his comments were supporting gold prices somewhat. The Fed increased interest rates last month for the third time this year and is widely expected to hike again in December, with no suggestion its tightening will cease any time soon.

ENERGY:-

Oil prices slumped to two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by an industry report showing U.S. crude inventories rising more than expected. “Oil bulls are bearing the brunt of another bruising session as yesterday’s selling frenzy intensifies,” said Stephen Brennock, analyst at London brokerage PVM Oil. “At the heart of the price malaise are concerns that oil demand will be adversely impacted by a myriad of downside risks facing the global economy.” Share markets in Asia plunged to a 19-month low on Thursday after Wall Street’s worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets in an environment of rapidly rising dollar yields.

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