Market pulse for key metals and energy : Mangal Keshav

Gold futures closed higher for the second straight session, finding support from strength in physical demand for the metal after heavy selling earlier in the week that ended with a loss of 7% in prices.

Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,123.06 tons, as on April 19. Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,451.01 tons, as on April 15.

The dollar index, a measure of the dollar against a basket of six other major currencies, rose to 82.731 from 82.537 on Thursday.

The dollar gained against the yen on Friday, after the Group of 20 said that Japan’s recent monetary-policy actions are intended to stop deflation and support domestic demand.

The United Kingdom’s long-term issuer default rating was cut by Fitch Ratings to AA+ from AAA on Friday.

The pound strengthened against the dollar and euro, after Bank of England Governor-designate Mark Carney, failed to signal that the central bank will expand stimulus measures that typically debase a currency.

Copper slumped into a bear market across major trading centers, capping the biggest weekly drop in 16-months, on concern that slowing economies from China to the US will reduce demand as supply of the metal expands.

Copper futures for May delivery closed down by 1.7% at $3.1515 on the COMEX division of the NYMEX.

Inventories of copper in LME warehouses are hovering around a 10-year high, although Shanghai Futures Exchange copper inventories have fallen to their lowest since early March.

Crude oil futures climbed back above $88 per barrel, as traders mulled the prospects for an output cut from the OPEC Countries after a recent slump in prices left oil with a loss of almost 4% on the week.

Natural gas futures rose to a 21- month high on NYMEX, capping the ninth weekly gain in a record streak, on speculation that forecasts of unusually cold weather next week will increase heating-fuel demand.

Natural gas inventories rose 31bn cubic feet in the week ended April 12 to 1.704 trillion - EIA.

The gas-directed rig count rose last week by 2 to 379, after posting a 14-year low of 375 2-weeks ago, as per data from Houston-based Baker Hughes.