Bullions counter may continue extend its rally further amid weaker greenback as investors will eagerly eye the weekly US inflation data due later this week. Gold can test 51700 while taking support near 51200 while Silver can test 62800 while taking support near 61400.
Bullions counter may continue extend its rally further amid weaker greenback as investors will eagerly eye the weekly US inflation data due later this week. Gold can test 51700 while taking support near 51200 while Silver can test 62800 while taking support near 61400. The European Central Bank will continue to raise borrowing costs even as the euro zone economy suffers because letting inflation stay high would be even more painful, two top ECB policymakers said on Tuesday. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.3% to 908.38 tonnes on Tuesday from 905.48 tonnes on Monday.
In base metal counter, Copper can trade with upside path as it can move towards 680 while taking support near 668. On the fundamentals, LME inventory continued to drop by 1,475 mt to 83,075 mt on November 8. In China, inventory in Guangdong fell to below 10,000 mt. The overall copper supply remained tight. On the demand side, processing companies only purchased on demand amid the off-season, the high copper prices, and the terminal companies’ cancelling of orders. Zinc may open higher as it can move in range of 260-270. Aluminum can move with upside path as it can move in range of 202-209. On the supply side, the operating capacity in Sichuan province has been slightly restored, but is unlikely to fully recover by the end of the year due to tight hydropower supply in the dry season. The resumption of idled capacity in Guangxi province was slow, and the release of new capacity in Guizhou and Inner Mongolia fell short of expectations.
Crude oil may trade in red on worries about demand stalling on potential new lockdowns in top oil importer China as COVID-19 cases rebound. It can test 7150 while taking resistance near 7350. U.S. crude oil inventories rose by about 5.6 million barrels for the week ended Nov. 4, according to market sources citing American Petroleum Institute figures. Last week the market had latched on to hopes that China might be moving toward easing COVID curbs, but over the weekend health officials said they would stick to their “dynamic-clearing” approach to new infections. Natural gas prices trade on higher side and move towards 540 on forecasts of upcoming colder weather after a very warm start to the heating season.
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