Commodity Tips – Gold, Silver were trading higher; Indian Rupee Weakens

commodity tipsGold and silver were trading higher in the morning trade on Wednesday on account of some buying in precious metals. MCX Gold futures were up 0.08%, or Rs 23, at Rs 29,460 per 10 gram around during the day while MCX Silver futures were up 0.27%, or Rs 107, at Rs 39,701 per 1 kg.

Oil prices chopped down today as Chinese crude imports slipped to their lowest mark in a year, though traders said the overall market remains well aided due to OPEC-led supply cuts.

The Indian rupee weakened further against the dollar in early trades on Wednesday, 08 Nov 2017 on increased demand for the US currency from importers. The Rupee opened at Rs 65.15 versus the US dollar and jumped to a high of 65.07 during the mid-noon hours today day.

Meanwhile, the US dollar held weaker in Asia today on mixed trade data from China. The U.S. dollar index eased 0.08% to 94.73. Overnight, the dollar traded higher on the previous day amid data showing an uptick in labor market strength as job openings in Sept topped expectations.