Bullions counter may trade on firm path as the yellow metal can move in range of 58600-60000 while silver also can move in range of 73000-74500.
Bullions counter may trade on firm path as the yellow metal can move in range of 58600-60000 while silver also can move in range of 73000-74500. Gold prices jumped higher as decline in the U.S. dollar and Treasury yields revived investors’ appetite for bullion as they wait to see what interest rate signals central bankers offer at the Jackson Hole meeting. The Federal Reserve is holding its annual symposium in Jackson Hole, Wyoming, from Aug. 24-26, with investors’ focus on Chair Jerome Powell’s speech on Friday for confirmation on whether interest rates are going to stay higher for longer. U.S. business activity approached the stagnation point in August, with growth at its weakest since February as demand for new business in the vast services sector contracted.
In base metal counter, Copper can trade on volatile path as it can move in range of 732-742. The global refined copper market showed a 90,000 metric tons deficit in June, compared with a 58,000 metric tons deficit in May, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 6 months of the year, the market was in a 213,000 metric tons surplus compared with a 196,000 metric tons deficit in the same period a year earlier, the ICSG said. World refined copper output in June was 2.25 million metric tons, while consumption was 2.34 million metric tons. Zinc may remain on sideways path as it can move in range of 210-214. Aluminum can move in range of 197-202.
Crude oil may tad further lower as it may move in range of 6400-6600. Oil prices dipped lower due to disappointing economic data from key economies and as investors await a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for cues on interest rates. Japan reported shrinking factory activity for a third straight month in August. Euro zone business activity also declined more than expected, particularly in Germany. Britain’s economy looked set to shrink in the current quarter, in danger of falling into recession. On the supply side, Iran’s crude oil output will reach 3.4 million barrels per day (bpd) by the end of September, the country’s oil minister was quoted as saying by state media, even though U.S. sanctions remain in place. Natural gas prices may trade lower as it may move in range of 199-206.
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