New Delhi, 11 November (H.S.): Domestic commodity markets witnessed a strong upward trend during Wednesday's early trading session, with gold and silver trading in positive territory on the Multi Commodity Exchange (MCX), despite a decline in spot gold prices in the bullion market on the occasion of Bhai Dooj. Crude oil prices also registered a modest recovery in international markets, while the base metals segment witnessed mixed trading trends.
In the bullion segment, gold and silver prices recorded notable gains on the MCX. By 11 am, gold futures were trading at Rs. 1,41,890 per 10 grams, up Rs. 1,365, or nearly 1 per cent, from the previous session.
Silver prices also registered a sharp rally. Silver futures surged Rs. 4,925, or 2.70 per cent, to touch the day's high of Rs. 1,87,501 per kilogram.
In the energy market, crude oil prices showed signs of recovery during the morning session following a steep decline in the previous trading session. Reports of fresh attacks on commercial vessels and oil tankers in the Middle East have dampened expectations of an early resolution to the ongoing US-Iran conflict.
Against this backdrop, the international benchmark Brent crude was trading 1.11 per cent higher at USD 92.50 per barrel in the global market during the morning session. Similarly, US crude benchmark West Texas Intermediate (WTI) also advanced, moving above the USD 86-per-barrel mark. On the domestic commodity exchange, Brent crude was trading at around Rs. 8,090 per barrel.
Meanwhile, the base metals segment witnessed divergent movements. Copper futures maintained an upward trajectory during early trading on the commodity exchange, gaining Rs. 8.15, or 0.61 per cent, to trade at Rs. 1,345.45 per kilogram.
In contrast, aluminium came under selling pressure. Aluminium futures declined Rs. 5.60, or 1.69 per cent, to trade at Rs. 325.20 per kilogram, remaining in negative territory.
Commodity market analysts said persistent geopolitical tensions and global uncertainties continued to support safe-haven demand for gold and silver. The approaching wedding season in India has also contributed to sustained domestic demand for precious metals.
Meanwhile, concerns over potential supply disruptions in international markets are providing support to crude oil prices at lower levels. Aluminium and other industrial metals, however, continue to face pressure amid subdued industrial demand from China.
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Hindusthan Samachar / Jun Sarkar
