Bullions counter can remain on firm path as weaker dollar and hopes of slower U.S. interest rate hikes boosted the safe-haven bullion’s appeal. Gold can move in range of 56500-56900 while Silver also can move in range of 68000-69300.
Bullions counter can remain on firm path as weaker dollar and hopes of slower U.S. interest rate hikes boosted the safe-haven bullion’s appeal. Gold can move in range of 56500-56900 while Silver also can move in range of 68000-69300. Boston Fed President Susan Collins said on Thursday that the Fed would probably need to raise rates to “just above” 5%, while Fed Vice Chair Lael Brainard said there was evidence in favour of a “soft landing” for the U.S. economy. With lower rates translating into lesser returns on interest-bearing assets like government bonds, investors may prefer zero-yield gold. Data on Wednesday showed U.S. retail sales dropped by the most in a year, putting the overall economy on a weaker growth path heading into 2023.
In base metal counter, Copper can trade on upside path as it can move in range of 770-782. A number of economic data showed that the growth of the US economy is slowing down after the US Fed raised interest rates several times. The market expects the Fed to gradually slow down or even stop raising interest rates. In terms of fundamentals, the inventory in Guangdong has increased significantly for five consecutive days, which was contributed by the poor demand. Besides, consumption continues to weaken approaching the Chinese New Year. Favourable domestic policies and optimistic expectations drove a rebound in aluminium prices. Moreover, the peak of Covid infections has passed in many parts of China, fuelling market optimism over demand recovery. Zinc may move on firm path as it can move in range of 285-295. Aluminum can trade on upside path as it can move range of 216-223.
ENERGY: Crude oil may continue to trade higher as it can test 6700 while taking support near 6500. Oil prices are supported by brightening economic prospects for China which should boost its fuel demand. Chinese November oil demand climbed to the highest level since February, data from the Joint Organisations Data Initiative showed on Thursday. OPEC said on Tuesday that Chinese oil demand would rebound this year due to relaxation of the country’s COVID-19 curbs and drive global growth. A rebound in Chinese economy and the Russian oil industry’s struggles under sanctions could tighten energy markets in 2023, International Energy Agency (IEA) head Fatih Birol said on Thursday. Natural gas prices can trade further lower as it can move in range of 240-265.
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