Bullion counter can trade in green as softer dollar index and rising Russia and Ukraine tensions supported the sentiments Gold can test 50550 while taking support near 50200 while Silver can move towards 58500 while taking support near 56000.
Bullion counter can trade in green as softer dollar index and rising Russia and Ukraine tensions supported the sentiments Gold can test 50550 while taking support near 50200 while Silver can move towards 58500 while taking support near 56000. Fed Vice Chair Lael Brainard on Friday added her full endorsement of the U.S. central bank’s higher-for-longer game plan for interest rates to curb inflation. The physical gold market in India flipped to a premium last week as demand improved ahead of festivities, while Chinese premiums stayed elevated. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.15% to 939.70 tonnes on Friday.
In base metal counter, Copper can trade with sideways bias as it can move in range of 630-655. The global refined copper market showed a 30,000-tonne deficit in July, compared with a 105,000-tonne deficit in June, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 7 months of the year, the market was in a 126,000-tonne deficit compared with a 183,000-tonne deficit in the same period a year earlier, the ICSG said. World refined copper output in July was 2.13 million tonnes, while consumption was 2.16 million tonnes. Zinc may recover further as it can test 277 while taking support near 270 in MCX. Aluminum can also trade in green as it can test 194 in MCX.
Crude oil may witness further recovery as possibility that OPEC+ may agree to cut crude output when it meets on Oct. 5 are supporting its prices. Overall it can move towards 6850 while taking support near 6600. To support prices, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, is considering an output cut of more than 1 million bpd ahead of Wednesday’s meeting. If agreed, this will be the group’s second consecutive monthly cut after reducing output by 100,000 bpd last month. China issued its biggest quota for exports of oil products this year and topped up crude import quotas for independent refiners. Natural gas prices may remain on weaker path as it can move in range of 535-560 in MCX.
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