Bullions counter may trade on firm path as gold prices rose to their highest in more than five weeks as the dollar weakened, while jitters over the largest U.S. bank failure since the 2008 financial crisis drove investors to the safe-haven asset. Gold can move in range of 55300-55800 while silver also can move in range of 63000-64000.
Bullions counter may trade on firm path as gold prices rose to their highest in more than five weeks as the dollar weakened, while jitters over the largest U.S. bank failure since the 2008 financial crisis drove investors to the safe-haven asset. Gold can move in range of 55300-55800 while silver also can move in range of 63000-64000. U.S. officials stepped in to stem financial fallout from the failure of tech startup-focused Silicon Valley Bank , saying that all customers would have access to their deposits starting on Monday. California banking regulators closed Silicon Valley Bank on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets. State regulators closed New York-based Signature Bank on Sunday, just two days after California authorities shuttered Silicon Valley Bank.
In base metal counter, Copper can trade on mixed path as it can move in range of 753-763. Copper inventories in major Chinese markets decreased 37,000 mt to 271,100 mt from last Monday, down 38,000 mt Delivery taking volume in east China increased significantly last week, mainly due to the drop in copper prices and the increase in orders. Guangdong also saw a significant increase in consumption due to the production resumption by large downstream producers. Zinc may trade with sideways path as it can move in range of 257-265. Aluminum can trade on weaker path as it can move in range of 201-207. US Fed’s Powell made a speech indicating that it is necessary to accelerate the pace of rate hikes in the future.
ENERGY: Crude oil may trade on positive path as it can move in range of 6250-6400. Market sentiment was fragile as worries about further monetary tightening by the Fed have been exacerbated by high crude oil inventories in the U.S. The failure of Silicon Valley Bank and New York-based Signature Bank and concerns about possible contagion led to a selloff in U.S. assets at the end of last week, has put downward pressure on the dollar. U.S. employment data surprised to the upside. Data for February beat expectations with nonfarm payrolls rising by 311,000, compared with expectations of 205,000 jobs added Natural gas prices can remain under selling pressure as it can test 190 while taking resistance near 215.
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