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Below the Commodities Quote on Market Movement by Deveya Gaglani, Senior Research Analyst - Commodities, Axis Securities

“Comex Gold fell nearly 2% on Wednesday, extending its decline to around $4,280 an ounce. A stronger US dollar drove the selloff following stronger-than-expected PMI data. At the same time, hawkish remarks from Federal Reserve officials further reinforced expectations for tighter monetary policy, weighing on the precious metal. Crude Oil rose above $92 a barrel, snapping a five-session losing streak, as uncertainty persisted over the possibility of a formal agreement to reopen the Strait of Hormuz. On the supply side, US crude inventories increased by 2.97 Mn barrels to 426.4 Mn barrels last week, according to the EIA, compared with market expectations for a 641,000-barrel draw”.

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