Bullions counter may trade on higher path as yellow metal climbed on Thursday to a nine-week peak on a weaker dollar and bets that the U.S. Federal Reserve might soon hit pause on its interest rate hiking cycle. Gold can move in range of 59700-60200 while silver also can move in range of 75500-77500.
Bullions counter may trade on higher path as yellow metal climbed on Thursday to a nine-week peak on a weaker dollar and bets that the U.S. Federal Reserve might soon hit pause on its interest rate hiking cycle. Gold can move in range of 59700-60200 while silver also can move in range of 75500-77500. The Fed is expected to raise rates by 25 basis points (bps) at its meeting next week, keeping them in the 5.25%-5.5% range in 2023, according to CME’s Fedwatch tool. Investors will keep an eye out for initial jobless claims data in the U.S. later in the day for the week of July 15, forecast to rise to 242,000 from a seasonally adjusted 237,000. Data showed holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.19% to 913.80 tons on Wednesday.
In base metal counter, Copper can trade on mixed path as it can move in range of 720-730. On the macroeconomic front, the UK’s Consumer Price Index (CPI) for June, released on Wednesday, fell to a more than one-year low year-on-year. This led to a significant drop in the pound sterling against other major currencies, causing a rebound in the US Dollar Index (DXY). Regarding fundamentals, the spot premiums in East China declined throughout the day. Although the copper price’s center of gravity has shifted slightly downward, the limited demand during the off-season has resulted in inventory accumulation among traders. Zinc may remain on sideways path as it can move in range of 210-216. Aluminum can move in range of 194-200.
ENERGY: Crude oil may trade on lower path as it may move in range of 6120-6240. Oil prices slipped in early Asian trade on Thursday, extending the previous session’s losses, as the dollar strengthened and on profit-taking after U.S. crude oil stocks fell less than expected. The dollar bounced on Wednesday after sentiment was boosted by inflation in the United Kingdom falling more than expected in June to its slowest pace in more than a year at 7.9%. On the demand side, the market is waiting to see what steps China takes to boost growth after its top economic planner pledged on Tuesday to roll out policies to “restore and expand” consumption in the world’s second-largest economy. Natural gas prices may trade on volatile path in range of 210-225.
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