New Delhi:Crude oil futures rebounded from early losses to gain more than 1 per cent, tracking firm global trends as fresh US sanctions aimed at isolating Iran stoked concerns over possible disruptions to global oil supplies. On the Multi Commodity Exchange (MCX), crude oil for the September delivery appreciated by Rs 96, or 1.18 per cent, to Rs 8,247 per barrel. The October contract also advanced Rs 91, or 1.14 per cent, to Rs 8,097 per barrel on the MCX. Analysts said the rally marked the fifth straight session of gains for MCX crude futures, as investors weighed the impact of the latest US pressure on Iran’s oil trade. Brokerage firm Kotak Neo, formerly Kotak Securities, said the market is now pricing in the risk of tighter Iranian crude flows, with the Strait of Hormuz once again emerging as a key pressure point. The gains were mirrored in international markets, with Brent crude futures for October delivery rising $1.95, or 2.13 per cent, to $93.57 per barrel on the Intercontinental Exchange.

Gold futures rise on weak US dollar

Goldprice climbed by Rs 264 to Rs 1.58 lakh per 10 grams in futures trade, tracking firm global cues as a sharp fall in US dollar boosted the demand for bullion. The yellow metal futures for October delivery increased by 0.17 per cent in a business turnover of 10,450 lots. Analysts said easing US Treasury yields and a weaker dollar supported gold prices, while persistent inflation concerns, elevated crude oil prices and geopolitical tensions continued to cap the upside in bullion. In the international markets, Comex gold futures for the December contract traded flat at $4,546 per ounce in New York. “Gold is hovering above $4,500 for the first time since early June as a sharp decline in US Treasury yields and the dollar boosted bullion,” said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd. The US Treasury announced it would double its buyback operations for longer-dated bonds to $4 billion from $2 billion per operation starting September 9, providing liquidity support to the long-end of the market. Modi said the move sent the 30-year US Treasury yield down from near two-decade highs to around 5.19 per cent.

Silver futures jump nearly 1%

Silverprices jumped Rs 2,163 to Rs 2.38 lakh per kg in futures trade on Thursday, tracking a firm global trend after a surprise US Treasury liquidity-support announcement pushed bond yields and the greenback lower. On the Multi Commodity Exchange, the white metal for the September delivery climbed by Rs 2,163, or nearly 1 per cent, to Rs 2,38,950 per 10 grams in a business turnover of 10,383 lots. Analysts said softer US Treasury yields and a weak dollar boosted silver’s appeal. In the international markets, Comex silver futures for the September delivery were trading 1.58 per cent higher at $66.86 per ounce in New York.