Snapping a two-day rising run, gold prices on Tuesday fell by Rs 70 to Rs 26,500 per ten grams at the bullion market in the national capital owing to slackened demand at prevailing levels amid a weak global trend.
Tensions in Greece and a potential correction in the stock market in China aside, the sell-off in oil market last week was sparked by the US reporting the first increase in the number of rigs and the first increase in US crude oil inventories, says Victor Thianpiriya of ANZ Research.
Geofin Comtrade has come out with its report on agricultural commodities. The research firm has recommended to sell Refined Soy oil, Soybean on pullbacks and Buy Kapas above Rs 927 in its research report dated July 07, 2015.
International crude prices slipped over the weekend raising questions if Greece and China were reasons for such dramatic fall. David Lennox, Analyst, Fat Prophets adds a third angle â near conclusion of talks with Iran on its nuclear programme . Once negotiations end, the world will see see excess crude in the market causing crude glut.
Oil rebounds in AsiaPrices rose ahead of an emergency summit on Greece by eurozone leaders in Brussels on Tuesday, after Greek citizens overwhelmingly rejected creditors' demands for further belt-tightening in a referendum.
Front-month US crude futures were trading at USD 52.91 per barrel at 0011 GMT, up 38 cents from their last settlement. The slight gain followed an almost 8 percent fall on Monday that pulled the contract down to levels last seen in April.
Spot gold was little changed at USD 1,168.91 an ounce by 0053 GMT. The metal had risen as much as 0.6 percent on Monday in an initial rally following the results of a Greek referendum but gave up some gains to close up 0.2 percent.