Bullions counter may trade on weaker path as the dollar firmed, while investors awaited this week’s U.S. inflation data for cues on the Federal Reserve’s interest rate hike path. Gold can move in range of 56400-57000 while Silver also can move in range of 66000-67400.
Bullions counter may trade on weaker path as the dollar firmed, while investors awaited this week’s U.S. inflation data for cues on the Federal Reserve’s interest rate hike path. Gold can move in range of 56400-57000 while Silver also can move in range of 66000-67400. Philadelphia Federal Reserve President Patrick Harker said on Friday the surprisingly strong jobs data reported earlier this month did not alter his view that moving to smaller interest rate rises was a good strategy for the U.S. central bank, as he flagged the prospect of rate cuts in 2024 should inflation continue to ease. U.S. consumer sentiment improved to a 13-month high in February, but households expected higher inflation to persist over the next 12 months. Physical gold buyers in some Asian hubs were drawn to a dip in domestic prices last week, while central bank demand kept premiums firm in China.
In base metal counter, Copper can trade on weaker path as it can move in range of 758-772. On the macro front, the market is currently focusing on the upcoming inflation data from the United States. Some investors are worried that it may exceed market expectations. Since the end of December, the Chinese inventory has accumulated for seven consecutive weeks, but the stock accumulation has begun to slow last week. The decrease in inventory is mainly due to the rapid recovery of consumption in Guangdong, while the inventory in east China is still increasing due to the slow recovery and the inflow of goods from the north. Zinc may trade with sideways path in range of 266-274. Aluminum can trade on weaker path in range of 213-218.
ENERGY: Crude oil may remain under pressure as it can test 6400 while facing resistance near 6600. Oil prices eased on Monday as investors shrugged off the impact of Russian output cuts, instead focusing on short-term demand concerns stemming from refinery maintenance in Asia and the United States. Prices rose on Friday after Russia, the world’s third largest oil producer, said it would cut crude production in March by 500,000 barrels per day (bpd), or about 5% of output, in retaliation against western curbs on its exports that were imposed in response to the Ukraine conflict. China’s oil demand recovery is curbing its gasoline exports in February although its refiners are maintaining diesel shipments at above 2 million tonnes. Natural gas prices can witness lower level buying as it can move in range of 205-218.
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