Bullion counter may open in green tracking firm international markets as weaker greenback supported its sentiments. Gold (Oct) can test 51800 while taking support near 51450 in domestic markets. Silver (Dec) can recover towards 57500 while taking support near 56500.
Bullion counter may open in green tracking firm international markets as weaker greenback supported its sentiments. Gold (Oct) can test 51800 while taking support near 51450 in domestic markets. Silver (Dec) can recover towards 57500 while taking support near 56500. Investors looked forward to a speech by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole symposium for clues on interest rate hikes. New orders for U.S.-manufactured capital goods increased in July, but the pace slowed from the prior month, while solid gains in shipments were also recorded in another sign that the economy continues to grow at a slow pace and was not in recession. The dollar ticked 0.2% lower, making gold less expensive for buyers holding other currencies, while benchmark U.S. 10-year Treasury yields held near multi-week highs hit in the previous session.
Copper can trade on mixed path as it can move in range of 665-680 in MCX. Zinc may take support near 312 and head towards 325 in MCX. China imported 2,000 mt of refined zinc in July, down 17.09% on the month and 96.23% on the year, according to the General Administration of Customs. The imports totalled 51,000 mt in the first seven months of 2022, down 83.11% YoY. Total exports of refined zinc stood at 1,900 mt in July, with a net import volume of 1,000 mt. On the macro front, the U.S. July durable goods orders and home contracted sales index released yesterday both fell, and the recent poor performance of U.S. economic data has put pressure to the dollar index
Crude oil may extend its recent gains as it can test 7800 in MCX on expectation of output cut by OPEC countries and dip in greenback. Saudi Arabia suggested this week that the Organization of the Petroleum Exporting Countries could consider cutting output, though bearish economic signals from central bankers and falling equities weighed. A U.S. official on Monday said that Iran had dropped some of its main demands in negotiations to resurrect a deal to rein in Tehran’s nuclear programme. Natural gas prices can remain subdued as it can test 725 while taking resistance near 745 in MCX. Natural gas remained under pressure on news of a further delay in the resumption of initial operations at the Freeport LNG export plant in Texas.
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