By Tapan Patel
Commodity prices traded on an upbeat note on Thursday, continuing the steady trend from the previous session. On Wednesday, with bullion prices saw a choppy trade, keeping to a narrow trading range. Base metals gained on stronger demand and dollar decline while crude oil futures traded under pressure post inventory data. Here is a look at how different commodities are behaving in todays market.
Bullion prices traded steady as spot gold price at COMEX was trading near $1740 per ounce while spot silver price at COMEX was trading flat near $25.10 per ounce in the morning trade. The precious metals kept to muted trading as traders and investors tracked dollar and bond yields over Fed minutes of meeting. The Fed minutes showed that the central bank is committed to its ultra-low interest rates policy tracking US economic recovery. We expect bullion prices to trade sideways to up for the day.