Published on 23/05/2017 11:01:03 AM | Source: Sushil Finance
We expect gold prices to trade sideways - Sushil Finance
Gold on Monday extended its biggest weekly gain in five weeks as the U.S. dollar fell against the euro, while U.S. political turmoil fueled demand for bullion as a safe-haven and reduced expectations of rapid U.S. interest rate rises.
The metal advanced by 2.2 percent last week as the furor over U.S. President Donald Trump's alleged links to Russia and his firing of former Federal Bureau of Investigation chief James Comey raised concerns about his ability to push through promised fiscal stimulus.
Dallas Fed President Robert Kaplan, a voter this year on the Fed's policy-setting panel, said on Monday the U.S. central bank should keep raising rates before year-end, though he was not yet ready to declare victory on inflation.
We expect gold prices to trade sideways on the back of profit booking after sharp up-move.
Silver as up 1.9 percent at $17.14 an ounce, after rising to the highest in three weeks at $17.21.
We expect silver prices to trade sideways on the back of profit booking after sharp up-move.
Oil prices rose on Monday as growing confidence that top exporters would agree to extend supply curbs this week and speculation that the cuts could be deepened further pushed prices to their highest levels in more than a month.
Both benchmarks climbed for an eighth time in the last nine trading days, putting the contracts up about 16 percent from five-month lows hit earlier this month.
Prices have risen on expectations the Organization of the Petroleum Exporting Countries and other producers, including Russia, would extend a deal at their meeting on May 25 to cut supplies by 1.8 million barrels per day (bpd) for another six or nine months.
Saudi energy minister Khalid al-Falih paid a rare visit to Iraq on Monday in the latest effort by the top oil producer to convince its fellow OPEC member to extend supply cuts for a further nine months to ease the global glut and prop up prices.
OPEC Secretary-General Mohammad Barkindo said on Monday that he saw a growing consensus among the group's members as well as non-OPEC producers on the duration of an extension.
The possibility of deeper cuts was also being discussed ahead of a meeting of OPEC and other producers in Vienna on Thursday, sources said.
We expect crude oil prices to trade sideways on the back of profit booking after sharp up-move.
We expect Natural gas prices to trade positive on the back of short covering after drop in prices.
Zinc and nickel prices touched their highest in more than two weeks on Monday after China launched a regional crackdown on the steel industry, including production of the two metals.
An estimated 9,000 workers at the giant Grasberg copper mine operated by the Indonesian unit of Freeport McMoRan Inc will extend a strike for a second month, a union official said on Saturday, in an ongoing dispute over employment terms and layoffs.
We expect base metal prices likely to trade volatile on the back of mixed fundamentals.
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