US benchmark West Texas Intermediate (WTI) for October delivery, a new contract, lost 49 cents to USD 40.83 a barrel in late-morning trade, while Brent crude for October tumbled 56 cents to USD 46.06 a barrel.
The WTI September contract closed 34 cents higher at USD 41.14 in New York yesterday, scraping off recent six and a half year lows.
Oil has managed to hold above the key USD 40 a barrel mark, but US banking giant Citigroup said on Wednesday prices could fall to USD 32 a barrel, a multi-year low last seen in 2008.
MCX SILVER September contract was trading at Rs 36710 up Rs 400, or 1.10 percent. The SILVER rate touched an intraday high of Rs 36786 and an intraday low of Rs 36464. So far 3132 contracts have been traded. SILVER prices have moved down Rs 4385, or 10.67 percent in the September series so far.
MCX GOLD October contract was trading at Rs 27241 up Rs 392, or 1.46 percent. The GOLD rate touched an intraday high of Rs 27260 and an intraday low of Rs 27139. So far 2748 contracts have been traded. GOLD prices have moved up Rs 1088, or 4.16 percent in the October series so far.
SPOT GOLD rose 0.8 percent to $1,161.60 an ounce by 0625 GMT, having struck the highest since July 7 at $1,168.40. It was targeting gains of more than 4 percent for the week, its biggest weekly advance since mid-January. U.S. gold was bid up 0.7 percent to $1,161.10, having also hit its loftiest level in over six weeks.
Silver broke resistance around $15.60 to hit its most expensive since July 13, with selling being easily absorbed. Spot silver was last bid at $15.53, and little changed.
PRICES AT 0625 GMT
Metal Last PrevClose Change Pct chg
Spot Gold 1161.60 1152.76 8.84 0.77
Spot Silver 15.53 15.55 -0.02 -0.13
Spot Platinum 1032.00 1029.00 3.00 0.29
Spot Palladium 620.10 618.00 2.10 0.34
100 OZ GOLD DEC5 1161 1153 7.80 0.68
SILVER 5000 SEP5 15.53 15.517 0.01 0.08
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