Bullions counter may trade on firm path as it rose more than 1% in the previous session, although hopes of a likely pause on interest rate hikes by the U.S. central bank kept bullion on track for a weekly gain. Gold can move in range of 59700-60200 while silver also can move in range of 73200-74200.
Bullions counter may trade on firm path as it rose more than 1% in the previous session, although hopes of a likely pause on interest rate hikes by the U.S. central bank kept bullion on track for a weekly gain. Gold can move in range of 59700-60200 while silver also can move in range of 73200-74200. The initial jobless claims numbers gave further weight to the case for a June pause from the Fed, and the resulting pullback in treasury yields have allowed the gold price to pop higher. Focus now shifts to the U.S. consumer inflation report for May, due on June 13, ahead of the Fed meeting, which will provide investors with more clarity about the health of the world’s largest economy. The International Monetary Fund on Thursday urged the U.S. Federal Reserve and other global central banks to “stay the course” on monetary policy and remain vigilant in combating inflation.
In base metal counter, Copper can trade with firm bias as it can move in range of 716-728. On the macro front, the number of Americans filing for unemployment benefits last week rose more than expected, but the market generally believes that the dollar will consolidate ahead of key inflation data and the Federal Reserve’s interest rate decision next week. Zinc may remain on volatile path as it can move in range of 212-218. Aluminum can trade on sideways path in range of 203-207. In addition, 200,000 mt of aluminium capacity will be resumed in Guizhou and Sichuan. On the demand side, downstream consumption has gradually entered the off-season. However, due to the high proportion of molten aluminium output at smelters, aluminium ingot social inventories continue to drop.
ENERGY: Crude oil may witness some profit booking as it can move in range of 5800-5900. Oil prices looked set to post their second straight weekly loss as prices continued to fall on Friday over demand concerns and skepticism that the United States and Iran could strike a nuclear deal. Both benchmarks slid by around $1 on Thursday, rebounding from their earlier losses of more than $3, after the U.S. and Iran both denied a report by the Middle East Eye that they were close to a nuclear deal. Oil prices had risen early in the week following Saudi Arabia’s pledge over the weekend for deep output cuts, but they pared gains after rising U.S. fuel stocks and weak Chinese export data. Natural gas prices may trade with upside bias as it can move in range of 188-196.
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