Bullions counter may trade in narrow range as US CPI data in this week will give clarity on whether more rate hikes are on the table. Gold can move in range of 59250-59600 while silver also can move in range of 71500-73000. The contours of the debate at the heart of the Federal Reserve’s policy decision next month came into clearer view on Monday as officials outlined the case for and against another interest rate hike. Investors are awaiting the U.S. consumer price index data on Thursday for cues on Fed’s monetary policy path.
Bullions counter may trade in narrow range as US CPI data in this week will give clarity on whether more rate hikes are on the table. Gold can move in range of 59250-59600 while silver also can move in range of 71500-73000. The contours of the debate at the heart of the Federal Reserve’s policy decision next month came into clearer view on Monday as officials outlined the case for and against another interest rate hike. Investors are awaiting the U.S. consumer price index data on Thursday for cues on Fed’s monetary policy path. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3% on Monday. A key market gauge of long-term euro area inflation expectations hit its highest level in more than a decade on Monday, as investors expect future consumer price increases to run significantly above their pre-COVID averages.
In base metal counter, Copper can trade on negative path as it can move in range of 732-742. China’s copper imports slid 2.7% in July from a year earlier, customs data showed on Tuesday, weighed down by soft demand in the faltering economy and high global prices. Imports of unwrought copper and copper products totalled 451,159 metric tons in July, data from the General Administration of Customs showed. In the first seven months of 2023, China’s copper imports fell 20.7% to 3.3 million metric tons, compared with a year-earlier, the customs data showed. Zinc may remain on sideways path as it can move in range of 218-225. Aluminum can move in range of 199-204.
ENERGY: Crude oil may trade on upside path as it may move in range of 6800-6920. Oil prices rose in early trade on Tuesday as supply concerns arising from production cuts by Saudi Arabia and Russia supported the market. Saudi Arabia, the world’s top exporter, said it would extend a voluntary oil output cut of one million barrels per day for another month to include September, adding that it could extend the cut beyond that date or make a deeper cut to production after September. An OPEC+ ministerial panel which met on Friday made no changes to the group’s current oil output policy after a Saudi decision to extend its voluntary production cut into September spurred a rally. Natural gas prices may move further higher as it may move in range of 220-235.
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