Bullions Record another Session of Losses as Dollar Strengthens after Draghi’s Dovish Comments Precious metals witnessed another leg down in its previous trading session after the US jobless claims data and dovish comments from Draghi, the ECB President. He stressed that the governing council is unanimously committed to taking further “timely measures” if needed. The statement weighed on Euro thereby adding further strength to the dollar and weakening gold. In domestic markets, the MCX gold futures contract lost 0.13% to 25461 while the MCX silver futures contract ended 0.41% lower to 34271 levels. Crude traded little changed in its previous trading session as stronger dollar weighed on crude prices while some bottom fishing limited losses. In international markets, WTI and Brent extended losses after Draghi’s dovish comments. The dollar climbed to its highest level since August 2012 against the Euro, which acts negatively for the dollar denominated commodities. In domestic markets, the MCX crude futures contract lost 0.39% to 4814 per barrel. On Nymex division, crude is currently trading 0.31% lower at 77.65 per barrel.
Posted on: Fri, 07 Nov 2014 03:43:47 +0000
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