Bullions counter may remain on upside path buoyed by a weaker dollar, and were poised for their biggest weekly gain since mid-November as the global banking crisis sent investors flocking to the safe-haven metal. Gold can move in range of 58000-58400 while silver also can move in range of 66500-67800.
Bullions counter may remain on upside path buoyed by a weaker dollar, and were poised for their biggest weekly gain since mid-November as the global banking crisis sent investors flocking to the safe-haven metal. Gold can move in range of 58000-58400 while silver also can move in range of 66500-67800. Bullion prices have risen heading for a third consecutive weekly gain, lifted by safe-haven demand after the collapse of Silicon Valley Bank (SVB), the largest bank failure since the 2008 financial crisis. Large U.S. banks injected $30 billion in deposits into First Republic Bank on Thursday to rescue the lender caught up in a widening banking crisis. This came after Swiss lender Credit Suisse said it would borrow up to $54 billion from the Swiss National Bank to shore up liquidity.
In base metal counter, Copper can trade on weaker path as it can move in range of 747-757. On the macro front, the European Central Bank still raised interest rates as planned despite the market chaos in recent days, and the market expects that the Fed may also raise interest rates next week. European and American central banks will continue to curb inflation, and concerns about banking crises remain. Inventory in south China has declined for two consecutive days, the main reason is still that the arrival volume was not large. Zinc may trade in green as it can move in range of 253-261. Aluminum can trade on upside path as it can move in range of 202-208.
ENERGY: Crude oil may trade on sideways path as it can move in range of 5600-5900. Oil prices were little changed after a meeting between Saudi Arabia and Russia calmed markets, but crude benchmarks were still headed for a second weekly fall after a banking crisis sparked a sell-off in global financial markets this week. Both contracts hit their lowest in more than a year this week and are set to post their biggest weekly falls since December at about 10%. Oil and other global assets were undercut this week as the collapse of Silicon Valley Bank (SVB) and Signature Bank sent the U.S. and Swiss governments scrambling to shore up liquidity at banks. The advisory committee of the Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, will meet on April 3. Natural gas prices can witness some short covering as it can test 215 while taking support near 204.
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