Crude oil prices trade under $110/bbl, silver declines ₹2,238/kg, gold down to ₹1.42 lakh/10 grams; check latest rates

On Tuesday morning, October 27, crude oil prices, along with gold and silver rates, experienced a decline as market participants awaited the results of the upcoming US Federal Reserve policy meeting, coinciding with a strong dollar.

This week has seen a notable decrease in global crude oil prices, which fell below $110 per barrel during trading on October 27. This drop comes as traders assess ongoing diplomatic efforts to resolve tensions between the US and Iran, amid recent attacks in Saudi Arabia that have kept energy prices elevated. The price of crude oil had previously surged above $117 per barrel but has since cooled off. Investors remain cautious, given the sensitivity of energy prices to geopolitical events in West Asia.

According to data from Investing.com, January futures for Brent crude oil were down 0.83% at $109.82 per barrel on October 27, a decrease from the previous close of $110.74 per barrel. Similarly, December futures for Brent crude were trading 0.87% lower at approximately $114.80 per barrel, compared to $115.81 per barrel at the last market close. Despite this recent pullback, crude oil prices have seen an increase of around 5% over the past week and more than 8% over the past month, with a significant rise of 29% over the last three months.

In India, the crude oil price for the Indian Basket was reported at about $123.29 per barrel as of Friday, October 23. On the Multi-Commodity Exchange (MCX), crude oil futures fell by 1.03% to ₹9,623 per barrel on October 27, down from ₹9,723 per barrel at the previous close.

Market analysts suggest that investor attention remains fixed on potential diplomatic breakthroughs between the US and Iran, particularly in light of recent Houthi attacks on Saudi Arabia’s East-West crude pipeline and Riyadh’s airport.

In the precious metals market, silver futures saw a decline of ₹2,238 per kilogram, reaching a market low of ₹1,93,555 per kilogram on October 27, compared to ₹1,95,793 per kilogram at the previous close. By 9:27 AM IST, silver futures were trading down 0.59% or ₹1,149 per kilogram, around ₹1,94,644 per kilogram.

Gold futures also fell, dropping by ₹492 per 10 grams after the opening bell to reach a low of ₹1,42,581 per 10 grams, down from ₹1,43,073 per 10 grams at the previous close. At 9:27 AM IST, gold futures were down 0.17% or ₹242 per 10 grams, trading at ₹1,42,831 per 10 grams.

Spot prices for 24-karat gold in Delhi were reported at ₹1,43,020 per 10 grams, while the spot price for silver 999 Fine stood at ₹1,95,720 per kilogram. This market activity coincides with a slight depreciation of the Indian Rupee, which traded 0.04% weaker against the US dollar at ₹95.22 per dollar, compared to the previous close of ₹95.175 per dollar.

In addition to these developments, other commodities showed mixed performance. Copper and zinc prices increased, while aluminum rates declined during morning trading hours. MCX copper prices rose 0.44% to ₹1,392.20 per kilogram, up from ₹1,386 per kilogram at the previous close. MCX zinc rates also increased by 0.23% to ₹413.60 per kilogram, compared to ₹412.65 per kilogram previously. Conversely, aluminum futures on MCX fell by 0.29% to ₹326.60 per kilogram, down from ₹327.55 per kilogram at the last close, following gains in the previous trading session due to strong demand from traders.