MUMBAI: Euro rebounding from multi-year low is not providing help to the commodity counters as sentiment remains largely sluggish.
Nymex crude oil for July delivery was down $0.35 at $70.45 per barrel after tumbling $1.68 on Thursday amid growing fears that the euro zone's handling of its sovereign debt crisis could jeopardise global economic growth. The June contract for US crude oil, which expired on Thursday, settled down $1.86 at $68.01 per barrel.
Gold fell more than 1% to two-week low as investors sold to cover losses in other markets. Spot gold was at $1,176.35 per ounce compared with $1,181.10 an ounce late in New York on Thursday.
Domestic commodity counters maintained steady tone despite weak global cues. The rupee sliding against the US dollar provided support to commodity futures.
MCX crude oil futures for June settlement edged up 0.2% to Rs 3,318 per barrel.
MCX gold for June settlement was down 1% at Rs 17,974 per 10 gram. MCX silver July settlement lost 0.4% to Rs 28,426 per kg.
