Bullions counter may trade on sideways path as gold prices was supported by a retreat in the dollar as investors looked forward to U.S. inflation data that could define the Federal Reserve’s moves on interest rates.
Bullions counter may trade on sideways path as gold prices was supported by a retreat in the dollar as investors looked forward to U.S. inflation data that could define the Federal Reserve’s moves on interest rates. Yellow metal can move in range of 58700-59100 while silver also can move in range of 71000-72500. The U.S. dollar and benchmark 10-year bond yields dropped 0.3%, making non-yielding bullion more attractive for overseas buyers. The U.S. Consumer Price Index (CPI) data for August due on Wednesday is expected to shape the Fed’s interest rate decisions this year.
In base metal counter, Copper can move in range of 720-729. In addition, the market has high expectations that the United States will maintain high interest rates for a longer period of time, extending the rise of the U.S. dollar index. Due to the inflow of imported copper in east China, the inventory increased; the inventory in south China declined, mainly due to the increase in downstream purchases after the copper price fell. As delivery approaches and given the big price spread between the SHFE front-month and SHFE next-month copper contracts, demand is expected to be limited. Zinc may remain on sideways path as it can move in range of 216-220. Aluminum can move in range of 198-203.
Crude oil may witness some profit booking at higher levels as it can move in range of 7100-7270. Oil prices dipped lower as economic concerns in China weighed on fuel demand outlook although Brent stayed perched above $90 a barrel, supported by tightening supplies after Saudi Arabia and Russia extended supply cuts. The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are due to release their monthly reports this week. In the United States, producers added an oil rig last week for the first time since June, Baker Hughes said in its weekly report, but the total count was still down 127, or 17%, below this time last year. Natural gas prices may dip further as it can move in range of 207-218.
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