Gold settled up 1.64% at 28844 as investors piled into safe haven assets amid intensifying tensions between U.S. and North Korea, with Pyongyang saying it is considering plans to attack Guam. The rally came after Tuesday’s drop to a two-week low on better-than-expected U.S. jobs data, while investors awaited U.S. inflation figures later this week for further clues about the pace of interest rate rises. North Korea dismissed on Thursday warnings by U.S
Silver gained amid rising tensions between US and North Korea after the North responded to warnings from U.S. President Donald Trump. The productivity of U.S. workers accelerated a bit in the second quarter as economic growth accelerated but remains well below historical averages.
Department of Energy started keeping data in 1982. Inventories of U.S. crude fell by roughly 6.5m barrels in the week ended Aug 4, confounding expectations of a draw of about only 2.7m barrels. It was sixth-straight week of falling crude inventories. Gasoline inventories, one of the products that crude is refined into, unexpectedly rose by roughly 3.4m barrels against expectations of a draw of 1.5m barrels while distillate stockpiles fell by 1.7m barrels, compared to expectations of a decline of 131,000 barrels.
Weather system with cooler than normal temperatures will continue across the central and northern US into early next week where highs will only reach the 70s and lower 80s. It will be very warm to hot across the western and southern US with highs of upper 80s to 100s, but also with areas of heavy showers and thunderstorms. Overall, demand will be near normal due to much of the northern ½ of the US being comfortable and lacking summer heat. Overall, national nat gas demand will be MODERATE. Now market participants now looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 32 and 42bcf in the week ended August 4.
NCDEX settled down by -0.42% at 3111 on ample supplies of edible oil in the country. However downside seen limited on lower acreage and dry conditions in soybean growing areas of Madhya Pradesh. As per government data, area under soybean crop across the country for the 2017-18 kharif was 9.89 million hectares till last week, down about 10.4% on year.
Overall oilmeal exports registered a growth of 54 per cent for the period under review. “In last three months, the export of oilmeals improved compared to the previous year, thanks to good monsoon, better oilseeds production and price parity,” said the Solvent Extractors’ Association of India (SEA). At the Indore spot market in Madhya Pradesh, soyoil was steady at 631.75 Rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 1.17% to settled at 55210 while prices down -2.85 rupees, now Ref.Soya oil is getting support at 647 and below same could see a test of 645 level, And resistance is now likely to be seen at 652, a move above could see prices testing 655.