COMMODITY REPORT FOR 22 DECEMBER

GOLD

Gold futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal as the US Federal Reserve stressed that it is no hurry to raise borrowing costs for the first time since 2006, bolstering the appeal of the bullion as a store of value.The Fed this week said that it doesn’t see a rate hike before end-April and that economic data will dictate the exact timing for monetary easing. A freefall in oil prices may hamper the  attainment of the Fed’s 2 per cent goal, holding back the central bank from early monetary  tightening.Gold futures for February 2015 contract, at MCX, is trading at Rs. 26,913 per 10  grams, up by 0.37 per cent, after opening at Rs. 26,849, against the previous closing price of Rs  26,815. It touched an intraday high of Rs 26,940. (At 11:47 AM).

CRUDEOIL

Crude oil futures slumped in the domestic market on Friday as investors and speculators exited positions in the energy commodity amid deepening concerns over a supply glut as Saudi Arabia,  the biggest crude exporter and producer in the OPEC signaled that it will keep output steady  despite a freefall in prices.Saudi Arabia’s Oil Minister Ali-Al-Naimi said that, for the OPEC and  Saudi Arabia it would be “difficult, if not impossible” to give up market share by cutting supply,  even as US crude production surges to the highest level in three decades.At the MCX, Crude Oil futures, for the January 2015 contract, is trading at Rs 3,508 per barrel, down by 1.65 per cent,  after opening at Rs 3,545, against a previous close of Rs 3,567. It touched an intra-day low of Rs  3,476. (At 11:42 AM).