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Commodities News

Oil set for weekly drop as IEA warns OPEC faces looming surplus

Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.

Oil rises as US, China swap concessions in trade war, inventories fall

The rise came after China moved to exempt some US anti-cancer drugs and other goods from tariffs, while President Donald Trump announced a delay to scheduled tariff hikes on billions of dollars' worth of Chinese goods.

Gold prices drop Rs 300; silver tumbles Rs 1,400

Festival demand has not picked up yet in the physical market due to higher gold prices. The rupee appreciated 14 paise to 71.58 against the US dollar in early trade on Monday as China's easing move and rate cut hopes by the US Fed enthused investors.

Slowdown has no bearing on power sector, growing at almost 7 per cent: Power Minister R K Singh

The minister was hopeful that the power demand growth would further rise as the government is in the process of taking steps to boost demand, which includes bringing new tariff policy and second version of UDAY scheme for revival of debt-laden power distribution company.

Gold futures weaken on spot demand

Analysts said fall in gold prices was mainly due to trimming of positions by participants. Besides, weak trend overseas influenced the sentiment, they added.

Govt hikes procurement price of ethanol from December

For the year starting December, price of ethanol derived from C heavy molasses has been increased from Rs 43.46 a litre to Rs 43.75 per litre, and for B heavy molasses to Rs 54.27 per litre from Rs 52.43 earlier.

Gold futures up on positive cues

Analysts said the rise in gold prices was mostly on the back of fresh positions built up by the participants taking positive cues from global markets.

Gold edges down on stronger dollar, US-China trade woes limit losses

Gold rose more than $100 in August due to the trade war, fears of a global economic downturn, negative debt yields around the globe and hopes for interest rate cuts by central banks.

Dharmendra Pradhan discusses areas of cooperation with Russia

During the visit he held a series of high-level bilateral engagements with Russian Government and private sector entities from energy and steel sectors.

Silver price jumps Rs 2000 to Rs 45K/kg; gold falls

Increased offtake by industrial units and coin makers and robust global trend pushed the silver price higher, traders said. The association’s vice president Surendra Jain was quoted by PTI as saying that strong overseas trend led to the increase in silver price.

Oil drops as US Federal Reserve signals rate cuts may be limited

The Federal Reserve cut interest rates on Wednesday, but against expectations the head of the US central bank said the move might not be the start of a lengthy series of cuts to shore up the economy against risks including global economic weakness.

Oil falls on worries over growth outlook, positive news on Iran

Brent crude futures were up 23 cents, or 0.4%, at $63.23 a barrel by 0054 GMT. Prices rose 1.6% last week. US West Texas Intermediate crude was down by 12 cents, or 0.2%, at $56.08 a barrel. WTI gained 1% last week.