Bullion counter may remain sideways path as slight pullback in the dollar supported the prices while fear of further aggressive U.S. interest rate hikes capped the upside.
Bullion counter may remain sideways path as slight pullback in the dollar supported the prices while fear of further aggressive U.S. interest rate hikes capped the upside. Gold can take support near 51000 while resistance near 51400 in domestic markets. Silver can take support near 54000 and resistance near 56500. Recent hawkish comments from Fed officials have dented bullion’s safe-haven appeal. Focus now turns to the Fed’s Jackson Hole, Wyoming, symposium due later this week. SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 987.56 tonnes on Monday from 989.01 tonnes on Friday.
Copper can trade in positive note as it can test 680 while taking support near 665 in MCX. Antofagasta Plc’s Twin Metals subsidiary sued the U.S. government on Monday in a bid to revive its proposed Minnesota copper and nickel mine, which Biden administration officials had blocked this year over concerns it could pollute a major recreational waterway. Zinc may remain upbeat as it can test 320 while taking support near 312 in MCX. Zinc Smelters in Europe have been curbing production as high energy prices exuberated by the war in Ukraine are making it unprofitable. Meanwhile, power-hurt downstream industrial activities could also weaken the demand for metals.
Crude oil can continue its recent bounce back as expectation of output cut by OPEC countries as warned by Saudi Arabia in order to cap the sharp fall in prices. Crude oil can test 7400 levels while taking support near 7200 on domestic bourses. According to OPEC’s leader Saudi Arabia “Organization of the Petroleum Exporting Countries stands ready to reduce production to correct the recent oil price fall driven by poor futures market liquidity and macro-economic fears, which has ignored extremely tight physical crude supply” Meanwhile, Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia, adding to concerns over a plunge in gas supplies. Natural gas prices can extend its recent rally as it can test 800 while taking support near 770 on fears that Russia will extend time of pipeline maintenance shutdown into Europe.
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