Bullions counter can trade on sideways path as uptick in the dollar kept price under pressure, although hopes of slower interest rate hikes by the Federal Reserve capped further losses. Gold can move in range of 56300-56700 while Silver also can move in range of 69000-70300.
Bullions counter can trade on sideways path as uptick in the dollar kept price under pressure, although hopes of slower interest rate hikes by the Federal Reserve capped further losses. Gold can move in range of 56300-56700 while Silver also can move in range of 69000-70300. Markets are mostly pricing in a smaller 25-basis-points (bps) increase when the Fed announces its policy decision in February. The U.S. central bank slowed its pace of rate hikes to 50 bps in December after four consecutive 75 bps increases. Investors kept a tab on rising COVID-related deaths in top gold consumer China. Meanwhile, China’s economic growth in 2022 slumped to one of its worst in nearly half a century as the fourth quarter was hit hard by stringent COVID curbs and a property market slump.
In base metal counter, Copper can continue further gains as it can move in range of 760-770. On the other hand, the downstream consumption weakened approaching the Chinese New Year. The downstream consumption is expected to fall further as the Chinese New Year holiday is coming closer. Zinc may move on firm path as it can move in range of 280-290. Aluminum can trade on upside path as it can move range of 214-222. China’s annual aluminium output in 2022 rose 4.5% from the previous year to a record high, official data showed on Tuesday, reaching 40.21 million tonnes with a boost from newly launched capacity and a relaxation of power supply restrictions. Primary aluminium output for December was 3.43 million tonnes, the National Bureau of Statistics (NBS) said, up slightly from 3.41 million tonnes in November and 10.3% higher year-on-year.
ENERGY: Crude oil may continue to trade higher as Brent crude has gained nearly 10% over the past 10 days as optimism over China’s reopening boosted sentiment. However, the outlook for the rest of the global economy is uncertain. Overall it can move in range of 6420-6560 in MCX. Meanwhile recession fears dominated headlines out of the World Economic Forum’s meeting in Davos, draining optimism that stoked the market last week on prospects of a fuel demand recovery in top oil importer China. Natural gas prices can witness lower level buying as it can move in range of 290-325. Natural gas gained on forecasts for higher demand this week than previously expected, colder-than-normal weather coming in late January.
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