Gold plummeted in yesterday`s session as the Dollar rose after the US Central bank signalled by Mr. Prathamesh Mallya, Angel Broking Ltd
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Below are Quote On Gold plummeted in yesterday’s session as the Dollar rose after the US Central bank signalled By Mr. Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking Ltd
Gold plummeted in yesterday’s session as the Dollar rose after the US Central bank signalled towards a sooner than expected rate hikes.
Gold
On Wednesday, Spot Gold plunged over 2.5 percent to close at $1812 per ounce after the US Central banks suggest a rate hikes in the two-day policy meet which concluded on 16th June’21.
The Dollar and US treasury yield soared after the US Federal Reserve projected a rate hike earlier than expected and began to consider a pullback in their bond buying program.
Gold prices remained under pressure as a sooner than expected tightening of the monetary by the US Central bank clouded the outlook for the bullion metal.
A stronger US Currency and rising bond yields increased the opportunity cost of holding the bullion metal which shifted the investors away from Gold.
However, mounting inflation worries triggered by the paced revival in global economies limited the losses for the yellow metal.
Crude Oil
On Wednesday, WTI Crude posted marginal gains of 0.04 percent closing at $72.2 per barrel as expectation of increasing global Oil consumption coupled with falling US Crude inventories underpinned prices.
However, the gains for Oil were capped as the Dollar surged after the US FED signalled towards a gradually shifting away from its expansionary policy. A stronger US Currency made the Dollar denominated commodities less desirable for other currency holders.
As per reports from the Energy Information Administration, US Crude stocks dipped by 7.4 million barrels last week signalling towards a prompt recovery in the refining utilization.
Depleting US Oil inventories and reopening of major economies following a paced vaccine distribution painted a favourable outlook for the Oil market.
Base Metals
Base metals on the LME ended mixed in yesterday’s trading session with Nickel losing the most amongst the pack. Following China’s move to accelerate monitoring and supervision of the commodities markets after China’s PPI soared to a multiyear high, reports state that China will release metals from its national reserves in an attempt to ease commodity prices.
Rigorous attempts to cap commodity prices by the biggest metal consuming economy China amid the stern energy consumption norms have alarmed investors around the globe.
In May’21, China’s primary Aluminium production slipped by 0.8 percent in comparison to April’21. As per the National Bureau of Statistics, China’s Aluminium production came up to 3.32 million tonnes in May’21. The fall in output came in line with the power consumption limitations in major Aluminium producing regions like the smelting hub of Yunnan (accounts for about 10 percent of China’s Aluminium output) and Baotou in Inner Mongolia.
Copper
LME Copper prices rose over 1 percent to close at $9667 per tonne while Copper on the MCX ended higher by 0.75 percent to close at Rs.722.1 per kg. Copper prices rose despite China’s attempt to restrict any prices increase after the recent commodity price spike.
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