Bullions counter may trade on sideways path as investors awaited the release of the U.S. Federal Reserve’s latest monetary policy meeting minutes later in the day, with a stronger dollar also weighing on prices. Gold can move in range of 58200-58600 while silver also can move in range of 7000-71000.
Bullions counter may trade on sideways path as investors awaited the release of the U.S. Federal Reserve’s latest monetary policy meeting minutes later in the day, with a stronger dollar also weighing on prices. Gold can move in range of 58200-58600 while silver also can move in range of 7000-71000. Fed minutes are likely to reveal a lively debate where still more rate hikes are to come. The Federal Open Market Committee will issue minutes from its June 13-14 meeting later today. Investors expect the central bank to resume its tightening campaign in July after it signalled the need to deliver at least two more quarter-point interest rate hikes before the end of the year. The world’s major central banks delivered the biggest number of monthly interest rate hikes year-to-date in June, surprising markets and flagging more tightening ahead as policy makers grapple to get the upper hand in the battle against inflation.
In base metal counter, Copper can trade on positive path as it can move in range of 712-728. Inventory in south China has dropped for 3 consecutive days, mainly due to fewer arrivals. The overall transaction was not active. End-user consumption will continue to shrink if copper prices remain high. Zinc may remain on sideways path as it can move in range of 213-218. Aluminum can trade on subdued path in range of 192-197. China’s official manufacturing PMI data for June was 49.0%, an increase of 0.2 percentage points from May, and it was in the contraction territory for three consecutive months.
ENERGY: Crude oil may witness some lower level buying as it can move in range of 5780-5880. Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. Saudi Arabia on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August while Russia and Algeria volunteered to lower their August output and export levels by 500,000 bpd and 20,000 bpd, respectively. Oil prices did not jump significantly on the news, largely because of demand concerns over China’s sluggish economic recovery after the lifting of pandemic restrictions. Natural gas prices may witness lower level buying as it can move in range of 222-235.
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