Bullions counter may trade on volatile path as yellow metal prices held steady, as market participant’s awaited further direction from Capitol Hill testimony by U.S. Federal Reserve Chair Jerome Powell this week. Gold can move in range of 59000-59400 while silver also can move in range of 72000-73000.
Bullions counter may trade on volatile path as yellow metal prices held steady, as market participant’s awaited further direction from Capitol Hill testimony by U.S. Federal Reserve Chair Jerome Powell this week. Gold can move in range of 59000-59400 while silver also can move in range of 72000-73000. Investors are now focusing on Powell’s congressional testimony on Wednesday and Thursday for further guidance on interest rates following the Fed’s hawkish pause on monetary policy tightening last week. The U.S. dollar, meanwhile, rose broadly on Tuesday and notched a seven-month high against the yen, while the yuan slipped after China cut two benchmark lending interest rates for the first time in 10 months.
In base metal counter, Copper can trade on lower path as it can move in range of 720-735. China posted a year-on-year increase of 12.9% in refined copper production in May to 1.1 million tons, a record monthly high, data from the National Bureau of Statistics showed. Data showed an increase in LME stockpiles, although that on SHFE continued to decline. The People’s Bank of China (PBOC) lowered short- and medium-term policy rates last week, signalling it is about to embark on another round of loosening in monetary settings in a push to rev up the recovery. Zinc may remain on subdued path as it can move in range of 215-224. Aluminum can trade sideways in range of 202-206.
ENERGY: Crude oil may witness selling pressure at higher levels as it can move in range of 5780-5950. Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected, sowing further concern over the oil demand outlook in the world’s largest crude importer. On the supply side, Iran’s crude exports and oil output have hit new highs in 2023 despite U.S. sanctions. Russia is also set to increase seaborne diesel and gasoil exports this month, outweighing cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Moscow itself. Natural gas prices may trade mixed as it can move in range of 205-216.
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