Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia
Download Telegram App before Joining the Channel
Below is the Views On Commodity Quotes by Mr. Abhishek Bansal , Abans Group of Companies on commodities
Gold prices rallied after the news of three rockets falling inside Baghdad’s Green Zone. Gold prices also found support after the IMF decreased the global growth forecast for the years 2020 and 2021. Gold prices are likely to remain higher, seeing uncertain global growth conditions and mounting geopolitical tensions in the Middle East. Gold prices may get a further direction from the World Economic Forum in Davos and the European Central Bank’s policy meeting this week.
Physical demand is likely to pick up over the lunar year holiday starting later this week. It will be supportive of gold prices. Demand generally picks up in China and Singapore during the lunar New Year celebrations.
Crude oil prices dropped after the IMF cut global growth forecast ahead of Davos. The IMF lowered its global growth estimate for 2020 to 3.3%, 0.1% lower than the October estimates. Crude oil demand is likely to remain subdued due to slower growth projection in the larger economies.
Oil prices jumped on Monday after tensions increased in the Middle East and North Africa, which led to a halt in production at some places. Iraq temporarily stopped output at an oil field on Sunday.
Crude oil prices are likely to find support from tensions in Iraq and Libya as supply is under stress in the Middle East.
Crude oil prices will get further direction from the weekly crude oil inventory data scheduled to release tomorrow.
Above views are of the author and not of the website kindly read disclaimer