New Delhi, 15 November (H.S.): The domestic commodity market, traded through the Multi Commodity Exchange (MCX), witnessed considerable volatility and persistent pressure during the week. A slowdown in spot demand following the festive season, coupled with a stronger US Dollar Index, triggered selling in precious metals. Gold and silver both ended the week below their respective highs, while crude oil staged a sharp recovery in the energy market. Industrial metals, meanwhile, remained under sustained pressure.
In the futures market, gold contracts for December delivery on the MCX settled at around Rs. 1,36,820 per 10 grams towards the end of the week. Gold prices registered a weekly decline of approximately Rs. 2,600 per 10 grams compared with the previous week.
Silver also lost its lustre, slipping below the psychologically significant Rs. 2 lakh per kilogram mark. At the close of the week, MCX silver futures settled at Rs. 1,79,560 per kilogram, reflecting a substantial decline from the previous week's levels.
In the energy segment, crude oil staged an impressive recovery from lower levels. At the beginning of the week, Brent crude slipped to nearly a three-month low of USD 90 per barrel amid hopes of easing tensions between the United States and Iran.
However, prices rebounded during the second half of the week following reports of attacks on Saudi Arabia's oil facilities and heightened tensions near the Strait of Hormuz. Brent crude surged past USD 95 per barrel in the international market, while crude oil futures on the domestic MCX closed higher at Rs. 8,372 per barrel.
The base metals segment, comprising industrial metals, remained subdued and under pressure throughout the week. Sluggish manufacturing activity in China weighed on demand for metals in both international and domestic markets.
On a weekly basis, aluminium futures on the MCX remained under pressure, closing at around Rs. 328.90 per kilogram. Copper also witnessed profit-booking at higher levels and traded within a relatively narrow range of Rs. 1,330 to Rs. 1,352 per kilogram, reflecting a subdued trend.
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Hindusthan Samachar / Jun Sarkar
