Bullions counter may remain under pressure as U.S. Treasury yields held near multi-year highs following strong labour market data and hawkish comments from Federal Reserve officials. Gold can move in range of 49800-50200 while Silver can move in range of 55800-56500.
Bullions counter may remain under pressure as U.S. Treasury yields held near multi-year highs following strong labour market data and hawkish comments from Federal Reserve officials. Gold can move in range of 49800-50200 while Silver can move in range of 55800-56500. The number of Americans filing new claims for unemployment benefits fell unexpectedly last week, indicating the labour market remains tight. A separate data showed U.S. existing home sales dropped for an eighth straight month in September. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.19% to 930.99 tonnes on Thursday.
In base metal counter, Copper can trade with weak bias as it can dip lower towards 640 while taking resistance near 654. On the fundamentals, due to the congestion in a warehouse in Shanghai, sources of goods available in the market were scarce. Besides, the small arrival of imported copper temporarily tightened the supply, pushing up the spot premiums. On the macro front, the number of initial US jobless claims announced yesterday was better than expected, but the Philadelphia Fed Manufacturing Index in October and the sales data of existing homes in September were lower than expected. Philadelphia Fed President Harker said that rate hikes have little effect on tempering inflation. Zinc may remain sideways bias as it can move in range of 267-276. Aluminum can trade with sideways bias in range of 194-202 in MCX.
Crude oil may witness range bound movement as optimism about a possible rise in energy demand in China faded and the market weighed concerns about steep inflation. A looming European Union ban on Russian crude and oil products, as well as the output cut from the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, have supported prices recently. Overall it can move in range of 6950-7150. To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday. Natural gas prices may slip further lower as it can test 420 in MCX.
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