Bullion counter is expected to trade on weaker path as firm dollar index kept the prices under pressure. Gold can take support near 51500 and resistance near 51800 in domestic markets.
Bullion counter is expected to trade on weaker path as firm dollar index kept the prices under pressure. Gold can take support near 51500 and resistance near 51800 in domestic markets. Silver can test 56000 while taking resistance near 57800. The minutes of Fed’s July meeting showed that the central bank was contemplating paring back the pace of future rate hikes in line with a slowdown in inflation but saw “little evidence” yet that pressure were easing. Traders are now pricing in around a 63.5% chance of a 50-basis-point rate hike by the Fed in September and a 36.5% chance of a 75-bp increase. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.32% to 989.01 tonnes on Wednesday.
Copper can continue its recent losses as it can test 650 in domestic market. Chilean state-owned Codelco, the world’s largest copper producer, expects to resume construction of mining projects in the coming days after two fatal accidents paused work last month. Zinc may take support near 311 while facing resistance near 318 in MCX. Expectations of deeper production cuts in Europe, shortages and dwindling stocks after high energy costs forced Nyrstar to shut its zinc smelter in the Netherlands have bolstered zinc’s price prospects. Higher prices of zinc, used to galvanise steel, mean higher costs for steel makers and for steel consumers in the auto, construction and infrastructure industries.
Crude oil can witness some short covering at lower level as it can move in range of 6800-7200 on domestic bourses. China’s refining output remained lackluster in July as strict COVID-19 lockdowns and fuel export controls curbed production. In supply, Russia has started to gradually increase oil production after sanctions-related curbs and as Asian buyers have increased purchases, leading Moscow to raise its forecasts for output and exports until the end of 2025. U.S. crude stocks fell by 7.1 million barrels in the week to Aug. 12, Energy Information Administration (EIA) data showed, against expectations for a 275,000-barrel drop, as exports hit 5 million barrels a day, the highest on record. Natural gas prices can continue its bounce back on supply concerns as it can test 750 in MCX.
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