Title: Precious Metals Decline; Crude Oil Falls As US Inventory Surges By 3.6 m Barrels | CNBC TV18

Welcome back. You're still tuned into Power Breakfast. Well, let's get in. Manisha Gupta, she's joining us with all the update from the commodity space. Good morning, Manisha. Some more declines. Oh yes, absolutely. Across board that is. I'll start with the gold and silver crisis because we've seen further declines on to this one. Both of these metals actually close in June on a negative note. So we've seen gold prices slip below $2300.00 an ounce. The all time high has been 2450, so sharply down from those kind of levels. Silver is also trading below $29.00 an ounce, which is a six week close for this one. There have been hawkish remarks from the Fed officials that seems to be weighing on to the market. The strength in U.S. dollar is yet another reason. And when you look at the base metal prices, well we have copper trading at a two-month lows here as well. It is a strength in U.S. dollars, weak PMI data increase in near term inventories that is what is going on copper, that's what's led to aluminum prices going to a two-month lows. And zinc is also declined because the China imports for a zinc concentrate has seen a 24% decline between the month of Jan and April. It's a decline also coming in for the crude oil prices still holding positive though for the month of June. But the very strong rise in US inventories by 3.6 billion barrels is being onto the space as well. So in Asia right now, almost all commodities trading in the negative. OK, alright. Asian markets in the red and so are the commodities. Thank you so much, Manisha, for joining us as always and giving us an update on what's happening in the commodity space.