It is to be seen if renewed worries over the Euro zone debt crisis could depress global commodity markets today as well. Weak sentiment prevailed on Monday on account of negative tidings from Europe.
Surge in Spanish bond yields reduced investor’s risk appetite dragging down commodities and equities across the world, a report from Geojit Comtrade said.
Gold opened down 0.1 per cent down on Tuesday at the commodities futures market.
The yellow metal opened at Rs 28,330 per 10 gm down from yesterday's closing price of Rs 28,363.
Bullion gold had a choppy market yesterday. It closed at $1,657.30 per troy ounce in the international market after plunging down to $1,651.60 on the back of Euro Zone debt woes.
Gold was quoting down at $1,648.40 per troy ounce in the global markets currently, analysts at Geojit Comtrade said.
Euro hit a one-month low on Monday. Bullion too declined with spot gold falling to a one-week low, shedding more than one per cent. On the Multi Commodity Exchange, however, the losses were limited by falling rupee.
Base metals
Copper continued to lead the fall in the base metals pack.
Copper was quoting Rs 2.80 lower at Rs 412 per kg at the Multi Commodity Exchange for April contract. Most other base metals were trading in the negative territory but for nickel which made nominal gains.
Crude oil
Crude contracts opened on a steady note. April contract was quoting at Rs 5,313 per barrel at the Multi Commodity Exchange. It had lost just Rs 5 from yesterday's close.
Rupee
Rupee was trading slightly lower at Rs 51.6050 against the dollar. It had closed at Rs 51.6000 yesterday.
MCX rupee trade had opened weaker at Rs 51.67 before making making a slight recovery.