Market pulse for key metals and energy: Mangal Keshav

Gold futures declined to their lowest settlement level since late June, as signs of weakening demand for the so-called paper form of the metal offset safe-haven support from a slowdown in growth among US private payrolls in March.

South Africa-based Gold Fields Ltd. has halted operations at its two mines in Ghana, which form the company's largest gold-producing unit, after a wildcat strike broke out over a pay dispute.

Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,206.22 tons, as on April 3.

Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,677.89 tons, as on April 3.

International Monetary Fund will contribute about 1bn Euros ($1.3bn) as part of a rescue program for Cyprus that aims to stabilize the nation’s banks and reduce public spending, IMF Managing Director Christine Lagarde said.

The US dollar declined against major rivals, as ADP private payroll and ISM non-manufacturing data missed expectations, casting a gloomy shadow over Friday’s jobs report.

The dollar index, which measures US currency against a basket of six major rivals, traded at 82.712, slightly lower than its level on late Tuesday.

Copper futures fell to an 8-month low on Wednesday, as concerns about economic growth raised doubt on the global demand outlook for industrial metals and pushed speculators to open more short positions ahead of a two-day holiday

in China.

LME aluminum fell to a 7-month low, lead to a 5-month low and nickel declined to its lowest level in 4-months.

Crude oil prices fell almost 3% - the steepest daily drop in 5-months, as US crude inventories rose to their highest since 1990 and as weak economic data weighed on the demand outlook.

Crude oil stocks increased by 2.7mn barrels, gasoline stocks fell 572,000 barrels & distillate fuels, which include diesel and heating oil, fell 2.27mn barrels, as per EIA report.

Crude stocks at NYMEX delivery hub Cushing, Oklahoma, fell 287,000 barrels to 49.18mn barrels - EIA. Natural gas futures closed lower, on forecasts of moderating weather that would reduce demand for the heating fuel. Natural gas inventories are expected to decline by 92-95bn cubic feet, actual data will be released by EIA later in the day.