Bullions counter can trade with upside bias as gold prices hit a six-month high with the market’s attention turning to minutes from the U.S. Federal Reserve’s latest policy meeting due this week. Gold can move in range of 55300-55800 while Silver also can move in range of 7000-71000.
Bullions counter can trade with upside bias as gold prices hit a six-month high with the market’s attention turning to minutes from the U.S. Federal Reserve’s latest policy meeting due this week. Gold can move in range of 55300-55800 while Silver also can move in range of 7000-71000. Minutes from the Fed’s December policy meeting are due on Wednesday, which could offer hints on the central bank’s tightening path. The Fed raised rates by 50 basis points (bps) in December after four consecutive increases of 75 bps each. Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates increase the opportunity cost of holding gold as it pays no interest.
In base metal counter, Copper can trade sideways in range of 722-732. Copper output in Chile, the world’s largest producer of the metal, fell 5.5% year-on-year to 459,229 tonnes in November. Zinc may move on mixed path as it can move in range of 266-273. Aluminum can in narrow range of 206-212. China’s aluminium imports in November fell 35.7% from a year earlier as a result of mounting domestic supply, also as the COVID-hit economy continued to temper demand for the light metal. The country brought in 255,744 tonnes, including primary metal and unwrought, alloyed aluminium, last month, according to data from the General Administration of Customs.
ENERGY: Crude oil may trade on upside path as it can test 6800 while taking support near 6500 in MCX. President Vladimir Putin banned the supply of crude and oil products from Feb. 1 for five months to nations that abide by the cap in a decree, which also included a clause that allows for Putin to overrule the ban in special cases. Russian crude has been diverted to India and China from Europe while Moscow planned to increase diesel exports from the Baltic sea port of Primorsk to 1.81 million tonnes in January. Natural gas prices can tad further lower on forecasts for warmer weather as it can test 330 while taking resistance near 360. The Freeport LNG export plant in Texas, forced to go offline in June following a fire, again delayed the restart to the second half of January, pending regulatory approval. Gas output was up about 10 bcfd over the past four days in the U.S. lower 48 states after dropping to 80.4 bcfd on Saturday, its biggest drop in daily output since the February freeze of 2021.
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