Page 45 - Ommodities News Today

The dollar drifts up and down. Gold moves higher on Friday.

Vital Averages for 2024 as follows: 85.73, 79.89, 77.76, 71.81, 71.18 Vs 69.57, 69.03, 67.07.

Stock markets are ending the week on a high, buoyed by weaker PPI readings from the US that suggest inflation will keep falling in the coming months.

European markets have finished a choppy week with a modest rebound, with the FTSE100 breaking a 3-day losing streak, although it is still set to fall for the second week in a row, having sunk to a 3-week low yesterday.

USD: Mar '24 is Up at 102.210. Energies: Feb '24 Crude is Up at 74.75.

According to Geojit, The Cotton Association of India has estimated the countrys cotton output in 2023-24 (Oct-Sep) at 29.4 mln bales (1 bale = 170 kg), unchanged from last months projection, according to a release.

The Houthi leadership in Yemen faced a retaliatory strike by the US and the UK, targeting at least a dozen Houthi sites, including air defences, arms depots, and logistics centers.

Gold price (XAU/USD) attracts some buyers for the second successive day on Friday and builds on the overnight bounce from a one-month low, around the $2,013 region, representing the 50-day Simple Moving Average (SMA).

However, geopolitical uncertainty has increased once again with the US and UK launching strikes against Houthi rebels in Yemen, raising the risk premium for bullions

Gold price is building on the previous upswing above $2,030 early Friday, as strong support near $2,015 continues to hold the fort.