Gold climbed on Friday, as signs of weak global growth rekindled investor interest in the safe-haven metal, keeping it on track for its first weekly gain in five, while a strong dollar ahead of the U.S. GDP data capped gains for the bullion.
Oil held losses below $66 a barrel after U.S. crude inventories rose by more than expected, stymieing a rally driven by the prospect of tighter supplies due to American sanctions.
Sugar prices at the Vashi wholesale market witnessed a dip in prices on slack demand. Prices declined by ₹6-12 a quintal in line with quality. Naka and mill tender rates were almost stable.
Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.
The sugar market turned positive on Tuesday as selling pressure eased. On Monday 23-24 mills sold 48,000-50,000 bags at ₹3,100-3,130 (S-grade) and ₹3120-3,150 (M-grade).
Gold prices steadied on Tuesday as strong equities provided a risk-conducive backdrop for investors, countering support from geopolitical concerns as Washington ends sanctions waivers on Iranian oil.
Oil prices were near 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.
Oil prices rallied by more than 2 percent on Monday to levels not seen since November 2018 as a Reuters source familiar with the matter confirmed a report that Washington is set to announce all imports of Iranian oil must end or be subject to sanctions.
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