Bullion counter is expected to trade on mixed path as investors awaits outcome of US inflation data later today which is expected to influence the pace of Federal Reserve rate hikes.
Bullion counter is expected to trade on mixed path as investors awaits outcome of US inflation data later today which is expected to influence the pace of Federal Reserve rate hikes. Gold can face resistance near 52400 while 52000 is key support on domestic bourses. Benchmark U.S. 10-year Treasury yields edged higher to 2.7883%, increasing the opportunity cost of holding non-interest bearing gold. Fed funds futures traders are now pricing for a 69.5% chance of another 75-basis-point rate increase at the U.S. central bank’s next policy meeting in September.
Copper can witness profit booking at higher levels as China Taiwan tensions continue to weigh on the prices. Taiwan’s Foreign Minister Joseph Wu is calling for international support, warning that China is preparing for a future invasion. Copper may take support near 655 in MCX. Zinc may remain on firm path on supply crunch as it cab test 316 in MCX. Refined zinc production at Glencore’s European operations fell by 47,500 tonnes year-on-year to 350,900 tonnes in the first six months of 2022. Glencore’s other two European zinc assets – the 165,000-tonne-per year Nordenham smelter in Germany and the 510,000-tonne San Juan plant in Spain – are also still operating, but both are thought to be modulating run-rates around peak energy pricing periods.
Crude oil can continue to remain under pressure amid decline in demand outlook. On domestic bourses crude oil prices can face resistance near 7300 levels. Meanwhile Ukraine halted oil flows on the Druzhba oil pipeline to parts of central Europe because Western sanctions had prevented a payment from Moscow for transit fees from going through. Flows along the southern route of the Druzhba pipeline have been affected while the northern route serving Poland and Germany was uninterrupted. Iran’s crude exports, according to tanker trackers, are at least 1 million barrels per day below their rate in 2018 when former U.S. President Donald Trump exited the nuclear agreement. Natural gas prices can dip lower as it can test 600 in MCX.
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