Bullions counter can remain in narrow range as US markets are closed in observance of Christmas Day. Gold prices edged up as data showed U.S. inflation was cooling, though not significantly enough for the Federal Reserve to slow down rate hikes. Gold can move in range of 54500-54900 while Silver also can move in range of 68500-69500.
Bullions counter can remain in narrow range as US markets are closed in observance of Christmas Day. Gold prices edged up as data showed U.S. inflation was cooling, though not significantly enough for the Federal Reserve to slow down rate hikes. Gold can move in range of 54500-54900 while Silver also can move in range of 68500-69500. Markets also kept a close tab on rising COVID-19 infections in top gold consumer China that could have an impact on physical buying. Gold prices are on track for a second consecutive yearly decline, falling nearly 2%.
In base metal counter, Copper can trade higher in range of 715-725. On the macro front, US consumer spending rose by 0.1% in November after climbing 0.4% in October. Inflation has cooled further, enhancing expectations that the Fed will further slow down the rate hikes. A small amount of imported copper arrived in east China last week, but the shipment volume was relatively small. The Guangdong market did not witness the arrival of domestic copper, so the overall domestic supply was tight. Zinc may move on mixed path as it can move in range of 265-275. Aluminum can move lower in range of 205-212. The increase in domestic aluminium production may be lower than expected in December due to power rationing in south-west China. Despite the off-season for downstream sectors, transactions in the spot market were moderate and spot premiums remained high amid tight supply, reflecting resilient rigid demand.
ENERGY: Crude oil may trade on upside path as it can test 6750 while taking support near 6600 in MCX. Oil prices settled higher after Moscow said it could cut crude output in response to the G7 price cap on Russian exports. Russia may cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday. Russia’s Baltic oil exports could fall by 20% in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from Dec. 5 . Both crude oil demand and output could slump over the next few days due to shut-ins from a massive winter storm that cascaded across a broad swath of the United States. Several of the largest U.S. refineries shut down due to the extreme cold while output shut in Texas and North Dakota. Natural gas prices can witness further bounce back as it can move in range of 410-450.
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