MUMBAI: Euro snapping two days of gains against the US dollar provided the much needed breather for commodity futures.
US crude oil rebounded from the lowest in more than three weeks and stayed above $72 per barrel as the market assessed the implications of a slowing global economic recovery on energy demand.
West Texas Intermediate (WTI) crude oil for delivery in August climbed as much as 56 cents to $72.70 per barrel, and was last up nine cents at $72.24 per barrel. The price had declined every day last week in their steepest weekly drop since early May.
Gold price edged higher this morning after the yellow metal lost nearly 3% last week as funds sold bullion to cover losses in other markets. Spot gold was at $1,207.65 per ounce, marginally up from Friday's close price.
SPDR Gold Trust, the world's largest gold-backed exchange traded fund, said its holding remains unchanged at 1,319.22 tonne.
The domestic commodity markets witnessed tepid participation because of the nationwide bandh called by opposition parties.
MCX crude oil futures for July added 0.3% to trade at Rs 3,402 per barrel. MCX gold for August settlement was last quoted at Rs 18,485 per 10 gram. MCX silver September settlement was trading 0.4% lower at Rs 28,668 per kg.
