Bullions counter may remain on volatile path as investors will eye the outcome of US inflation data later today. Gold can move in range of 51200-51700 while Silver can move in range of 61000-62000. Gold could rise if there are signs of cooling inflation, but if the numbers come higher, then there will be speculations of the Fed using a heavy hand again and thereby pressuring gold.
Bullions counter may remain on volatile path as investors will eye the outcome of US inflation data later today. Gold can move in range of 51200-51700 while Silver can move in range of 61000-62000. Gold could rise if there are signs of cooling inflation, but if the numbers come higher, then there will be speculations of the Fed using a heavy hand again and thereby pressuring gold. Meanwhile, Richmond Fed President Thomas Barkin said on Wednesday the Fed’s fight to lower inflation “may lead to a downturn” as the central bank’s interest rate increases are “challenged” by still-high consumer savings, still-tight labor markets and ongoing supply problems.
In base metal counter, Copper can trade with upside path as it can move towards 690 while taking support near 670. On the macro front, the market is focusing on the US October CPI data to be released today to see whether the US Fed will slow down the rate hikes. Copper prices are expected to remain rangebound with some upward potential. The market shall pay attention to the impact of macro data on market sentiment. Zinc may open higher as it can move in range of 255-270. Aluminum can move with upside path as it can move in range of 201-207. On the demand side, the aluminium plate/sheet, foil and extrusion sectors were contained by pandemic and insufficient orders. On the other hand, aluminium ingot inventory fell constantly on delayed arrivals.
Crude oil may trade in red on concerns that new COVID curbs in China, the world’s biggest crude importer, will impact fuel demand. It can test 6950 while taking resistance near 7100. The manufacturing hub of Guangzhou, a city of 19 million people, on Thursday reported more than 2,000 new cases for Nov. 9, the third day above that level, in the city’s worst outbreak so far. Crude oil stockpiles rose by 3.9 million barrels last week, the U.S. Energy Information Administration said, taking inventories to their highest since July 2021. However, gasoline inventories fell by 900,000 barrels to their lowest since November 2014 and distillate stockpiles fell by 500,000 barrels. Natural gas prices trade on lower side and move towards 465.
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