RBI hierarchy agreed that oil prices need monitoring

Global crude oil prices have perturbed even the best of policymakers, as oil has been a slippery commodity to forecast. For a net importer like India, it skews the pitch for domestic inflation even more. For the Reserve Bank of India’s (RBI’s) six-member monetary policy committee (MPC), oil prices and their impact were a key factor that pushed two members to vote against a cut in the policy repo rate. RBI deputy governor Viral Acharya and nominee member Chetan Ghate voted against an RBI rate cut on the basis of their concerns that rising crude oil prices have the ability to push up everything from headline inflation to inflation expectations. Ghate observed that core inflation, which remains around worrying levels of 5%, will be buttressed by rising crude oil prices, and this makes inflation management challenging. Even members who voted for a rate cut, including governor Shaktikanta Das, agreed that oil prices need monitoring. Brent crude has climbed another 3.6% to $72 per barrel since the policy was announced on 4 April, and prices have surged 36% so far in 2019

This week commodity market Gold, Silver and Crude Oil futures contracts closed with gains and losses as follows:

GOLD 10 g” (99.9 Pure)

In the commodity market last week Gold June 2019 futures contract closed at ₹31,862 with an aggregate loss of ₹11 only.
This week Gold April futures contract opens at ₹31,800 on Monday.
No gains are scored for the week.
Gold highest loss ₹308 on Tuesday.
Week last day i.e. Thursday Gold June futures contract closed at ₹31,463 with the aggregate loss of ₹399 only.

SILVER (1 KG)

Last week Silver May 2019 futures contract closed at ₹37,220 with an aggregate loss of ₹299 only.
This week Silver May futures contract opens at ₹37,130 on Monday.
Silver highest gain ₹53 on Monday.
Silver highest loss ₹53 on Wednesday.
Week last day i.e. Thursday Silver May futures contract closed at ₹37,230 with the aggregate gain of ₹10 only.

CRUDE OIL (1 BBL)

Last week Crude Oil April 2019 futures contract closed at ₹4,451 with an aggregate gain of ₹89 only.
This week Crude April futures contract opens at ₹4,408 on Monday.
Crude Oil highest gain ₹28 on Tuesday.
Crude Oil highest loss ₹48 on Monday.
Week last day i.e. Thursday Crude Oil April futures contract closed at ₹4,443 with the aggregate loss of ₹8 only.