Bullions counter can witness some profit booking at higher levels with investors keenly awaiting key U.S. jobs report to gauge the U.S. Federal Reserve’s rate hike stance. Gold can move in range of 55200-55700 while Silver also can move in range of 68000-69500.
Bullions counter can witness some profit booking at higher levels with investors keenly awaiting key U.S. jobs report to gauge the U.S. Federal Reserve’s rate hike stance. Gold can move in range of 55200-55700 while Silver also can move in range of 68000-69500. Data on Thursday showed that U.S. private payrolls increased more than expected in December while number of Americans filing new claims for jobless benefits dropped to a three-month low last week, pointing to a still-tight labour market that could force the Fed to keep hiking interest rates. Few Fed officials on Thursday reiterated their fight to lower inflation back to its 2% target, but St. Louis leader James Bullard said 2023 could finally bring some relief on the inflation front.
In base metal counter, Copper can trade on upside bias as it can move in range of 720-740. On the demand side, downstream producers restocked in a small amount amid the fall in copper prices. Most companies are preparing for the Chinese New Year holiday and have finished restocking. On the macro front, the US initial jobless claims fell to a three-month low last week, suggesting the labour market remains tight, which could force the US Fed to keep raising interest rates. Zinc may move on mixed path as it can move in range of 267-275. Aluminum can trade sideways in range of 200-206. The impact of power rationing in south-west China continued to expand. Guizhou Province is about to impose a third round of power rationing on local aluminum smelters due to high electricity consumption during the heating season.
ENERGY: Crude oil may witness bounce back as it can test 6300 while taking support near 6100 in MCX. Oil prices rose on hopes of a China demand boost and after data showed lower fuel inventories in the United States following a winter storm that hit during the year end. However, oil prices were on track to end the week lower, with both contracts down around 7% on a week earlier. Concerns about a possible global recession have weighed on trading sentiment. In the U.S., data from the Energy Information Administration (EIA) showed on Thursday that distillate inventories, which include diesel and heating oil, had dropped more than expected in the week to Dec. 30. They fell by 1.4 million barrels, compared with expectations of a 396,000-barrel drop. Natural gas prices can witness some bounce back as it can move in range of 300-340.
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