MUMBAI: Most commodity futures witnessed selling pressure ahead of the weekend. Gold succumbed to profit-taking while crude oil futures continued to trend lower, thanks to steady build-up in stockpiles. Meanwhile, the euro extending losses for the third consecutive day had its negative influence on commodity futures.
Nymex crude oil for June delivery was down 0.62 cents at $75.03 per barrel. Interestingly, the value of the June contract, which expires on May 20, was discounted by as much as $4.68 on Wednesday against the July contract, the widest since February 2009.
Spot gold was last traded at $1,233.35 an ounce, down $4.90 from New York's notional close on Wednesday when it reached a record $1,248.15.
The world's largest gold-backed exchange traded fund, SPDR Gold Trust, said its holdings stood at a record high of 1,209.50 tonne as of May 12, up 17.35 tonne from the previous business day.
Domestic commodity futures continued to trade in a narrow range tracking mixed global cues. MCX crude oil futures for May settlement moved between Rs 3,416 and Rs 3,372 before retracing to the current level of Rs 3,386 per barrel, down 0.1%.
MCX gold for June settlement was last quoted at Rs 18,065 per 10 gram after moving between Rs 18,201 and Rs 18,058 per 10 gram. MCX silver July contract lost 1% to trade at Rs 29,658 per kg.
