Bullions counter may trade on volatile path as fed chairman speech later today will give further direction to the prices. The yellow metal can move in range of 58550-59100 while silver also can move in range of 72500-74500.
Bullions counter may trade on volatile path as fed chairman speech later today will give further direction to the prices. The yellow metal can move in range of 58550-59100 while silver also can move in range of 72500-74500. Two Fed officials on Thursday tentatively welcomed a recent jump in bond market yields, while noting they see a good chance that no more interest rate increases will be needed. For more rate clues, investors will focus on Powell and European Central Bank President Christine Lagarde’s speeches expected later in the day at the annual economic symposium in Jackson Hole, Wyoming. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell further on Thursday and were at their lowest since January 2020.
In base metal counter, Copper can trade on volatile path as it can move in range of 726-740. World refined copper output in June was 2.25 million metric tons, while consumption was 2.34 million metric tons. When adjusted for changes in inventory in Chinese bonded warehouses, there was a 120,000 metric tons deficit in June compared with a 100,000 metric tons deficit in May. Zinc may remain on sideways path as it can move in range of 212-216. Aluminum can move in range of 195-202. In July, aluminium stocks of Russian origin in LME depots that are available to the market accounted for 81% of the total, a monthly LME report showed. Data from the International Aluminium Institute (IAI) revealed that global primary aluminium production in July declined by 0.5% compared to the previous year, reaching a total of 5.861 million tonnes.
Crude oil may remain on volatile path as it may move in range of 6520-6650. Oil prices fell slightly in early Asian trade on Friday, on track for a weekly decline as weak manufacturing activity hurt the global demand outlook and the dollar remained buoyant. Oil fell for much of the week as global economies reported shrinking factory activity. Japan reported lower factory activity for a third straight month in August. Euro zone business activity also declined more than expected and Britain’s economy looked set to shrink in the current quarter. India’s oil consumption growth has also slowed in recent months on high inflation and slowing global trade. The increase in the first seven months was equivalent to roughly 255,000 barrels per day (bpd), down from growth of 415,000 bpd in 2021/22. Natural gas prices may move in range of 205-230
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