Bullion counter is expected to remain on mixed path as investors eagerly awaits the outcome of FOMC minutes scheduled later today .Meanwhile some decline in dollar index can give cushion to the prices.
Bullion counter is expected to remain on mixed path as investors eagerly awaits the outcome of FOMC minutes scheduled later today .Meanwhile some decline in dollar index can give cushion to the prices. Gold can take support near 51600 and resistance near 52000 in domestic markets. Meanwhile investors awaits minutes from Federal Reserve’s last policy meeting that could offer clues on further interest rate hikes amid signs of easing inflation. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.18% to 992.20 tonnes on Tuesday, its lowest since January.
Copper can continue its yesterday losses on below than expected China economic data as it can test 658 in domestic market. Zinc may remain on stronger path on supply concerns as it can test 340 in MCX. Nyrstar will put its zinc smelting operations at Budel in the Netherlands on care and maintenance from Sept. 1, the Belgian company said on Tuesday, citing “various external factors”. Skyrocketing power prices have spurred suspensions and cutbacks by zinc smelters throughout Europe. Nyrstar did not specify the factors behind their decision, but a source close to the situation said electricity costs have increased by as much as 10 times while labour, freight and other costs also have increased.
Crude oil can witness some short covering at lower level as today EIA inventory data to give further direction to the prices. Overall it can move in range of 6850-7050. U.S. crude and fuel stocks fell in the latest week, according to market sources citing American Petroleum Institute figures on Tuesday. Investors also awaited clarity on talks to revive the 2015 Iran nuclear deal. Natural gas prices can continue its bounce back on supply concerns as it can test 770 in MCX. In Europe, severe drought continues to put pressure on power generation. The current weather forecast calls for moderate natural gas demand for the week, and it remains to be seen whether the rally will continue without additional support from the weather.
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