Bullions counter may remain sideways with mixed bias. Gold can move in range of 50000-50400 while Silver can move in range of 55800-57500. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.22% to 939.10 tonnes on Monday.
Bullions counter may remain sideways with mixed bias. Gold can move in range of 50000-50400 while Silver can move in range of 55800-57500. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.22% to 939.10 tonnes on Monday. Inflation in the United States is “very stubborn” and the Federal Reserve should “stay the course” and tighten monetary policy or else lose credibility, said Gita Gopinath, the International Monetary Fund’s first deputy managing director. A fourth straight 75-basis-point Fed interest rate hike is expected next month after data last week showed inflationincreasing strongly in September.
In base metal counter, Copper can trade with weak bias as it can move in range of 645-654. the copper inventory across China’s major trading markets increased by 16,100 mt from last Friday to 110,300 mt. The total inventory was 1,200 mt higher than in the same period last year when the data was 109,100 mt. Zinc may remain sideways bias as it can move in range of 260-275. Aluminum can trade with sideways bias in range of 198-203 in MCX. In terms of supply, with the release of new production capacity and resumption of idled production capacity in Sichuan and Inner Mongolia, the total domestic operating aluminium capacity is slowly recovering. However, with arrival of the dry season in Yunnan, it remains to be seen output cuts in the region will expand.
Crude oil may witness range bound movement on mixed fundamentals. Overall it can move in range of 7000-7150. Weaker U.S. dollar gave support to crude oil prices, although rising shale production and fears that stubbornly high inflation could lead the world economy into a recession limited gains. Rising shale output has helped to ease an oil supply crunch and capped price gains. Oil output in the Permian Basin of Texas and New Mexico, the biggest U.S. shale oil basin, is forecast to rise by about 50,000 barrels per day (bpd) to a record 5.453 million bpd this month, the Energy Information Administration said. Meanwhile, OPEC+ member states have been lining up to endorse the steep cut to its output target agreed this month after the White House accused Riyadh of coercing some other nations into supporting the move. Natural gas prices may slip further lower as it can test 460 in MCX.
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