Bullion counter may extend yesterday gains as investors will keenly eye the fed Powell speech to gauge the pace of further interest rate hike in US. Powell's speech is due at 7.30 pm Indian time on Friday at the Jackson Hole symposium in Wyoming in the United States. Gold (Oct) can test 51850 while taking support near 51500 in domestic markets.
Bullion counter may extend yesterday gains as investors will keenly eye the fed Powell speech to gauge the pace of further interest rate hike in US. Powell’s speech is due at 7.30 pm Indian time on Friday at the Jackson Hole symposium in Wyoming in the United States. Gold (Oct) can test 51850 while taking support near 51500 in domestic markets. Silver (Dec) can recover towards 57000 while taking support near 56000. Today Powell speech will be watched closely by investors for any clues on how aggressively the U.S. central bank will continue tightening monetary policy, and for indications on a potential change of strategy in case of an economic slowdown.
Copper can trade on mixed path as it can move in range of 670-685 in MCX. China’s push for installing infrastructure to deliver 1,200 gigawatt of renewable energy capacity by 2025 would require an additional 3 million tonnes of copper, which would see annual copper demand from solar and wind increase by nearly 1 million tonnes. Zinc may head towards 325 while taking support near 315 in MCX. Aluminium can test 212 on rising demand. Demand growth for aluminium, in which supply is already tight due to energy shortages in Europe, is seen growing 3.1% in 2022, an upgrade from a previous forecast of 2.6%, and 2023 growth could reach 4%.
Crude oil may extend its recent gains as it can test 7600 in MCX on signs of improving fuel demand and on expectation of output cut by OPEC countries. Meanwhile Tehran is reviewing Washington’s response to a European Union-drafted final offer to revive a nuclear deal, with the EU expecting a response soon, though it is unclear how quickly Iranian oil exports would resume even if a deal is reached. However, the OPEC would consider curbing output to offset any increase from Iran, OPEC sources said this week, after Saudi Arabia flagged the possibility of introducing cuts. Natural gas prices can remain in green as it can test 780 while taking support near 745 in MCX.
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