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Below are Quote On Gold down while Oil continues with the upward trajectory by Mr. Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking Ltd

Robust economic data reported by US gave strengthen to the US currency which dented appeal for the Dollar denominated Metals while Oil continued to gain on a promising outlook.

Gold

Spot gold prices ended lower by 0.5 percent in the week gone by as the US treasury yield and the Dollar scaled higher denting appeal for the bullion metal. Upbeat US economic data gave strength to their domestic Currency which weighed in the Dollar denominated Gold.

Significant increase in the US private sector hiring, lower than expected unemployment claims and expansion in the US service industry signaled towards a steady recovery in the world’s largest economy.

Spot Gold drifted below the $1900 mark as Investors shunned the safe haven asset after better-than-expected US economic figures boosted markets risk appetite.

Paced recovery in global economies, rising Oil prices and bets on a possible shift in the monetary policy by the US Federal Reserve might continue to pressure Gold prices in the coming week.

Crude Oil

WTI Crude rose over 2.8 percent in the four-day week as improving global demand prospects and plummeting US Crude inventory underpinned Oil prices. Easing of pandemic led curbs in major economies like US & China and robust growth in the factory activity around the globe strengthened the demand outlook for Oil.

As per reports from the Energy Information Administration, US Crude inventories plunged by 5.1 million barrels last week surpassing the markets expectation of 2.4 million barrels fall.

Oil prices were further supported as the Organization of the Petroleum Exporting Countries and its allies, OPEC+, agreed to ease the production cuts as per scheduled as they projected the global demand to outgrow the global supply in the coming months.

Bets on increase in fuel demand amid no concrete signs of return of Iranian Oil to the global markets any time soon might keep Oil prices elevated in the week ahead.

Base Metals

Last week, base metals on the LME traded lower with Zinc posting the highest losses amongst the pack as stalling demand from China and concerns over possible tightening of monetary policy by US undermined the growth linked assets.

The premium for the imported metal into China dropped to a multiyear low indicating towards weak demand in the largest metal consuming economy which pressured the industrial metals.

Copper                                                              

LME Copper plunged over 2.8 percent as bleak demand prospects from China and a stronger Dollar masked the supply threats for Copper and dragged the prices lower.

Worries over potential shortage arising from major copper producer Chile eased after BHP stated that the operations at Escondida and Spence mine were normal despite of the on-going strike as the global miner called in substitute workers to keep the mine running.

However, the fall in Copper prices was limited as the Chilean Copper commission Cochilco reported a drop in output by 0.5 percent (yoy) at the Codelco copper mine in April’21 whereas BHP’S Escondida mine production output plunged by 16.5 percent (yoy) in the similar time frame.

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