Bullions counter may witness steady movement as investors held back from making big bets ahead of the U.S. Federal Reserve’s latest policy meeting minutes, which could offer clues on further interest rate hikes. Gold can trade on volatile path in range of 52000-52400 while silver can move in range of 60000-61500. Market participants are awaiting the minutes of Fed’s Nov. 1-2 policy meeting due at 12.30 am Indian time.
Bullions counter may witness steady movement as investors held back from making big bets ahead of the U.S. Federal Reserve’s latest policy meeting minutes, which could offer clues on further interest rate hikes. Gold can trade on volatile path in range of 52000-52400 while silver can move in range of 60000-61500. Market participants are awaiting the minutes of Fed’s Nov. 1-2 policy meeting due at 12.30 am Indian time. At the beginning of this month, the U.S. central bank delivered a fourth consecutive 75 basis-point rate hike to tame inflation in what has become the fastest tightening of monetary policy in 40 years. The Fed may need to raise interest rates to a higher level and hold them there for longer in order to successfully moderate consumer demand and bring down high inflation, Kansas City Fed President Esther George said on Tuesday.
In base metal counter, Copper can trade with weaker path as it can test 662 while taking resistance near 672. Due to the tight supply of copper cathode in Guangdong, the premiums in south China remained high, expanding the spread between Shanghai and Guangdong. Copper prices may fall further with weaker fundamental support even though the prices have rebounded because of the weakening of US dollar index. Zinc may slip lower as it can test 256 while taking resistance near 265. Aluminum can move on sideways path in range of 204-212. On the consumption side, Guangdong, a major producing area of die-casting zinc alloy, was marginally affected by the resurging pandemic, and the demand for zinc ingot was reduced.
ENERGY: Crude oil may continue its downside momentum as it can move lower towards 6500 while taking resistance near 6750. United Arab Emirates, Kuwait, Iraq and Algeria reinforced comments from Saudi Arabia’s energy minister that the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, were not considering boosting oil output. OPEC+ next meets to review output on Dec. 4. U.S. crude inventories fell by about 4.8 million barrels for the week ended Nov. 18, data from the American Petroleum Institute showed. Natural gas prices may open on firm path as it can test 585 while taking support near 550. Russian natural-gas giant Gazprom PJSC threatened to further throttle exports to Europe via Ukraine from next week, putting in question one of the last remaining routes for Russian gas to reach Europe. The pipeline via Ukraine is one of two functioning gas-pipeline links between Russia and Europe, along with a route via Turkey.
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