Commodity Article : Gold slips to 3-month lows; Crude snaps winning streak Says Prathamesh Mallya, Angel One
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/06/1d16d4288fa70dcf70a139bae856b251.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below is Gold Article by Mr. Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd
Gold slips to 3-month lows; Crude snaps winning streak.
GOLD
Gold prices have been on a downward trend, reaching a three-month low due to hints of interest rate hikes by the US Federal Reserve and a stronger dollar.
Expectations of more rate increases and seasonal slowdown in physical demand suggest further price declines.
The market is pricing in a 69% chance of a Fed rate hike in July. Additionally, the European Central Bank is expected to raise borrowing costs to combat inflation despite a weakening euro zone economy.
Overall, gold performance has been weak, and the outlook remains cautious with potential for continued price decreases.
Outlook: We expect gold to trade lower towards 59040 levels, a break of which could prompt the price to move lower to 58930 levels.
CRUDE OIL
Crude oil had a mixed performance, with the NYMEX index ending lower. The decline was triggered by the US Federal Reserve's projection of more rate hikes, which raised concerns about a slower economy and reduced oil demand.
The strengthening dollar and potential increase in borrowing costs by the European Central Bank added to market jitters.
Additionally, an increase in US crude oil stocks and uncertainties around China's economic recovery further impacted sentiment.
Overall, crude oil faced bearish indicators and a cautious outlook due to these factors affecting demand and market conditions.
Outlook: We expect crude to trade higher towards 5780 levels, a break of which could prompt the price to move higher to 5870 levels.
BASE METALS
Base metals performed well as copper prices rose due to a lower dollar and expectations of stimulus in China.
Benchmark zinc reached a three-week high following the suspension of production at Europe's largest zinc mine.
China's central bank is expected to cut borrowing costs, while a weaker dollar made metals more affordable. Overall, base metals benefited from these factors, showing positive performance.
Outlook: We expect copper to trade lower towards 728 levels, a break of which could prompt the price to move lower to 725 levels.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/IndiGo 01.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/DGFT.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Broker _26.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Budget2024 07.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/23 TATA Power.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/iphone26.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/CMS Info Systems.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/stock28.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6b3c1a932eecc597e7ebc63801f5c2dc.jpg)
Quote on Silver : Silver price falls in recent weeks Says Prathamesh Mallya, Angel One
![Bank Nifty Write Up : In this scenario, immediate support is found at levels around 45000 to 44900 Says Mr. Rajesh Bhosale, Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/052de8b6a271b140ab7a7b65c5f180c9.jpg)
![Market Wrap-Up : Bulls on a roll; Nifty set for the 20K milestone Says Mr. Osho Krishan, Angel One Ltd.](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c3b473fde94c5c2a730f44acc4341955.jpg)
![Commodity Quote on Base Metals (Copper) by Mr. Saish Sandeep Sawant Dessai, Angel One Ltd](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/6208478cde315d3c636b81253e95bd4b.jpg)