Gold prices continue to show positive momentum, extending to yet another day, gaining nearly 2 percent, and breaking above 1800$ levels.
The dollar's decline on hopes that the US Federal Reserve will decrease the pace of interest rate hikes helped put the yellow metal on track for its best week ahead of the US jobs report.
The dollar index was headed for a weekly loss, a weaker greenback makes dollar-priced gold less expensive for overseas buyers.
Outlook: Gold prices might stay elevated on the back of slowing pace of interest rate hikes, however, increasing interest rates would limit the upside.
Crude prices show strength for the 2nd straight day, as both benchmark indices end on a positive note. The Brent ended with over 3 percent gains and NYMEX was up nearly 1 percent.
The dollar, which has an inverse relationship with oil, dropped to 16-week lows versus a basket of currencies as data revealed that U.S. consumer spending rose significantly in October.
As COVID-19 limitations were eased in two significant Chinese cities, Guangzhou and Chongqing, both crude benchmarks were on course for their first weekly gains following consecutive weeks of fall.
Outlook: As Chinese cities are relaxing the Covid restrictions, demand for crude is likely to get back on track, which might uplift the crude prices.
The industrial metals pack continue to their strong momentum, as all the metals concluded on a positive note, except for Lead, which ended lower on the MCX and on the LME.
Copper prices on Thursday added to gains from the previous session as investors bet that slower U.S. interest rate hikes and an easing of China's COVID-19 controls would improve the outlook for demand.
Increased rates impede economic growth. The dollar fell to its weakest since June, making dollar-priced metals cheaper for buyers with other currencies.
Outlook: We expect copper to trade higher towards 701 levels, a break of which could prompt the price to move higher to 712 levels.
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