Bullions counter may trade on firm note due to pullback in the dollar index, while investors awaited further cues on the U.S. Federal Reserve’s interest rate-hike path. Gold can move towards 50800 while taking support near 50400. While Silver can test 58500 while taking support near 57000.
Bullions counter may trade on firm note due to pullback in the dollar index, while investors awaited further cues on the U.S. Federal Reserve’s interest rate-hike path. Gold can move towards 50800 while taking support near 50400. While Silver can test 58500 while taking support near 57000. U.S. business activity contracted for a fourth straight month in October, the latest evidence of an economy softening in the face of high inflation and rising interest rates. Top gold consumer, China’s economy rebounded at a faster-than-anticipated clip in the third quarter, but a more robust revival in the longer term will be challenged by persistent COVID-19 curbs, a prolonged property slump and global recession risks. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose by 0.29 tonnes to 928.39 tonnes on Monday.
In base metal counter, Copper can trade with weak bias as it can dip lower towards 642 while taking resistance near 654. The manufacturing PMIs of Europe, the US, and the United Kingdom for October announced yesterday were all lower than expected, aggravating worries about a global economic recession. On the demand side, the ownership transfer problem of a warehouse in Shanghai has been resolved, with the delivery of warrants flowing into the market and some goods shipped from north China to east China, the market supply remains relatively sufficient. Zinc may remain sideways bias as it can move in range of 268-276. Aluminum can trade lower as it can test 193.
Crude oil may witness range bound movement as it can move in range of 6950-7200.Some pullback in dollar index supported the prices. While China’s September crude imports of 9.79 million barrels per day were 2% below a year earlier, customs data showed on Monday, as independent refiners curbed throughput amid thin margins and lacklustre demand. The U.N. nuclear watchdog is preparing to send inspectors in the coming days to two Ukrainian sites at Kyiv’s request, it said on Monday, in an apparent reaction to Russian claims that Ukraine could deploy a so-called dirty bomb, which Ukraine denies. On the supply side, the next meeting of the Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, is not until the beginning of December, after announcing to cut production by 2 million barrels per day at the beginning of this month. Natural gas prices may slip further lower as it can test 420 in MCX.
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