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GLOBAL MARKET ROUND UP

Gold edged higher on Thursday after touching a near six-week low in the previous session, while silver traded above $63.50 an ounce. Both metals remained volatile as investors assessed the Federal Reserve’s latest policy decision and its signal that further tightening could follow later this year. The Fed raised its benchmark interest rate by 25 basis points to 3.75%–4%, as widely expected, marking its first-rate increase in three years. Fed Chair Kevin Warsh said inflation remains elevated, while recent data showing stronger-than-expected core inflation in August reinforced expectations that policymakers may maintain a restrictive stance.

Meanwhile, easing oil prices provided some relief to precious metals as concerns over Middle East supply disruptions moderated. Saudi Arabia is targeting the restoration of around half of its East-West pipeline capacity within days, with full operations expected to resume within six weeks. The U.S. dollar index remained elevated near 100.3 after its sharp rise in the previous session, limiting the upside in gold and silver.

Crude oil prices fell for a second consecutive session on Thursday, with WTI trading around $102 a barrel, as easing concerns over supply disruptions outweighed the impact of tighter U.S. inventories. Prices came under pressure after reports that Saudi Arabia plans to restore around half of the capacity of its East-West pipeline within days and bring it back to full operation within six weeks. The pipeline, which provides an alternative export route around the Strait of Hormuz, was damaged in drone attacks last week. In the meantime, Saudi Arabia has increased efforts to move more crude through the Strait of Hormuz with support from the U.S. military. U.S. Energy Secretary Chris Wright said around 18 million barrels of crude and petroleum products moved through the waterway earlier this week, suggesting that flows remain active despite ongoing regional tensions. Meanwhile, official U.S. data showed crude inventories declined by 640,000 barrels to 423.4 million barrels last week. However, the drawdown was smaller than market had expected, limiting its supportive impact on prices.

Natural gas futures gave up early gains to settle lower as forecasts pointed to cooler weather later this month, which could weigh on power-sector demand. Meanwhile, the EIA’s inventory report due today is expected to show a below-normal storage build for last week, narrowing the surplus over the five-year average. However, comfortable inventory levels ahead of winter are likely to limit the scope for a sustained recovery in prices

Gold

• Trading Range: 150380 to 153450

• Intraday Trading Strategy: Sell Gold Mini Sep Fut at 152300-152325 SL 153150 Target 151080/150750

Silver

• Trading Range: 229050 to 237500

• Intraday Trading Strategy: Sell Silver Mini Nov Fut at 235050-235075 SL 236480 Target 233780/232500

Crude Oil

• Trading Range: 9405 to 10250

• Intraday Trading Strategy: Sell Crude Oil Sep Fut at 9980-9985 SL 10080 Target 9950/9905

Natural Gas

• Trading Range: 265 to 294

• Intraday Trading Strategy: Buy Natural Gas Sep Fut at 274-275 SL 269 Target 281.80/286

Copper

• Trading Range: 1369 to 1397

• Intraday Trading Strategy: Buy Copper Sep Fut at 1377-1377.50 SL 1372 Target 1382/1387.0

Zinc

• Trading Range: 412 to 429

• Intraday Trading Strategy: Buy Zinc Sep Fut at 418.0- 418.50 SL 415.0 Target 422.8/424.0

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