New Delhi:Crude oil futures fell over 1 per cent to Rs 6,963 per barrel on Thursday after President Donald Trump said he did not expect the conflict between the US and Iran to escalate into a full-scale war. On the Multi Commodity Exchange (MCX), crude oil contracts for July delivery declined Rs 110, or 1.56 per cent, to Rs 6,963 per barrel in a business turnover of 19,121 lots. The August contract also fell Rs 108, or 1.53 per cent, to Rs 6,970 per barrel, with a turnover of 3,860 lots. Traders said weak global benchmarks triggered profit-booking in crude oil after the recent sharp rally. At the NATO Summit in Ankara, Turkiye, Trump said he did not believe Washington and Tehran would return to full-scale war. “I don’t think it’s going to start again,” he said, adding that he expects oil prices to decline as tankers continue to move through the Strait of Hormuz.

Gold futures rebound nearly 1% to ` 1.44 lakh/10g on value buying

Goldfutures rebounded by Rs 1,038 to Rs 1.44 lakh per 10 grams on Thursday after opening lower in domestic markets as value buying aided the rally, ending a three-session decline despite escalating tensions in West Asia. On the Multi Commodity Exchange, gold futures for August delivery appreciated by Rs 1,038, or 0.72 per cent, to Rs 1,44,749 per 10 grams in a business turnover of 10,018 lots. Traders said bargain hunting at lower levels lifted the precious metal after its recent correction, while a weaker US dollar also lent support to prices. “However, prices were capped on the upside as renewed US-Iran tensions fuelled inflation concerns, strengthening expectations that the US Fed could keep interest rates higher for longer,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.

Silver futures rebound nearly 2% on bargain buying after early losses

Silverfutures bounced back nearly 2 per cent to Rs 2.27 lakh per kilogram on Thursday as value buying at lower levels helped the white metal erase early losses despite lingering geopolitical tensions in West Asia. On the Multi Commodity Exchange (MCX), the most traded contract for September delivery climbed Rs 3,841, or nearly 2 per cent, to Rs 2,27,278 per kilogram in a business turnover of 11,186 lots. Traders said bargain hunting after the recent correction, coupled with firm global cues, supported the recovery in the white metal prices.