Bullions counter may trade on sideways path as investors cautiously awaited the U.S. Federal Reserve’s policy meeting for cues on its rate-hike path. Gold can move in range of 50200-50550 while Silver can move in range of 57500-58500.
Bullions counter may trade on sideways path as investors cautiously awaited the U.S. Federal Reserve’s policy meeting for cues on its rate-hike path. Gold can move in range of 50200-50550 while Silver can move in range of 57500-58500.U.S. consumer spending rose more than expected in September while underlying inflation pressures continued to bubble, keeping the Fed on track to hike interest rates by another three-quarters of a percentage point at Nov. 1-2 meet. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.28% to 922.59 tonnes on Friday. The European Central Bank (ECB) could hike its interest rates by 75 basis points again at its next policy meeting in December, ECB governing council member Klaas Knot stated.
In base metal counter, Copper can trade with weak bias as it can move lower towards 640 while taking resistance near 655. On the demand side, downstream consumption became less resilient amid the high copper prices of more than 63,000 yuan/mt and the renewed COVID-19 in China. The market expects the overseas pace of liquidity tightening to slow down. Zinc may remain trade on weak bias as it can test 250 while taking resistance near 265. On the supply side, the smelters started to negotiate the TCs for November starting from last week, which have been on the rise with the constant inflow of imported zinc concentrate as well as high sales pressure facing the traders with sufficient concentrate stocks at ports. Aluminum can trade lower as it can test 193.
Crude oil may remain on volatile path as it can move in range of 7150-7250. Recently some selling pressure was seen on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. WTI is still supported, though, by signals from large U.S. producers that productivity and volume gains in the Permian Basin – the nation’s top shale field are slowing. Natural gas prices remain on firm path as it can test 520. Hedge funds and other speculators in recent weeks have built up their biggest collective wager that prices will fall since the panic selloff during the Covid lockdown in early 2020,
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