IGI Logo

GLOBAL MARKET ROUND UP

GLOBAL MARKET ROUND UP Gold prices steadied above $4,100 an ounce on Wednesday after suffering sharp losses in the previous session, as investors weighed escalating geopolitical tensions against rising expectations for tighter monetary policy. Silver also stabilized below $60 an ounce after falling more than 3% on Tuesday.

Market sentiment turned cautious after the U.S. launched fresh air strikes on Iran in response to recent attacks on commercial vessels transiting the Strait of Hormuz, raising doubts over the durability of the interim U.S.–Iran peace agreement. The U.S. also revoked a waiver that had allowed Iran to sell crude oil on global markets, while renewed hostilities discouraged shipping through Hormuz, fueling concerns over fresh disruptions to global energy supplies.

The rebound in crude oil prices has revived inflation fears, reinforcing expectations that central banks could keep interest rates higher for longer—a headwind for non-yielding assets such as gold and silver. Investors are now awaiting the Federal Reserve's June meeting minutes for fresh guidance on the outlook for U.S. monetary policy

Crude oil prices extended their rally on Wednesday, with WTI crude climbing above $72 per barrel and gaining more than 5% for the week, after renewed military escalation between the U.S. and Iran reignited concerns over global oil supplies. The U.S. launched fresh air strikes on Iran and revoked a waiver that had allowed Tehran to sell crude on international markets, raising doubts over the durability of the interim peace agreement. The latest escalation has heightened fears of renewed disruptions to energy shipments through the Strait of Hormuz, as increased security risks could discourage commercial shipping and regional oil exports. The renewed geopolitical risk has prompted traders to rebuild the supply premium that had largely disappeared in recent weeks. The sharp rebound marks a reversal from earlier expectations of a supply surplus, when higher OPEC+ production and recovering Middle Eastern exports had weighed on oil prices.

Natural gas futures traded slightly higher after volatile trade in the previous session as strong powersector demand for air conditioning offset the impact of ample domestic supplies. Rising summer temperatures continued to support gas consumption for electricity generation, helping keep prices stable despite comfortable inventory levels.

Gold

• Trading Range: 142900 to 146480

• Intraday Trading Strategy: Sell Gold Mini Aug Fut at 145450-145475 SL 146075 Target 144475/143750

Silver

• Trading Range: 225700 to 234950

• Intraday Trading Strategy: Sell Silver Mini Aug Fut at 233775-233800 SL 235050 Target 230700/229550

Crude Oil

• Trading Range: 6605 to 7280

• Intraday Trading Strategy: Buy Crude Oil Jul Fut at 6835-6837 SL 6750 Target 6935/7000

Natural Gas

• Trading Range: 299 to 319

• Intraday Trading Strategy: Buy Natural Gas Jln Fut at 307-307.5 SL 302.8 Target 315/319

Copper

• Trading Range: 1256 to 1292

• Intraday Trading Strategy: Sell Copper Jul Fut at 1284-1284.5 SL 1292 Target 1275/1269

Zinc

• Trading Range: 365 to 377

• Intraday Trading Strategy: Buy Zinc Jul Fut at 368.0- 368.5 SL 365.8 Target 371.80/373.0

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ00017133