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GLOBAL MARKET ROUND UP

Precious metals remained under pressure on Thursday after posting a second consecutive session of losses, as renewed tensions in the Middle East heightened concerns over energy supplies and inflation. Spot gold slipped to its lowest level since July 2 after U.S. President Donald Trump declared the interim peace agreement with Iran "over," reigniting fears of a broader regional conflict

The geopolitical backdrop deteriorated further after the U.S. military confirmed a second consecutive day of strikes on Iran aimed at limiting Tehran's ability to threaten shipping through the Strait of Hormuz. Iran responded by vowing a large-scale retaliatory operation against U.S. military bases in the region, raising concerns over potential disruptions to global energy supplies. The renewed escalation lifted crude oil prices by more than 5%, reviving inflation concerns and reinforcing expectations that the Federal Reserve could keep interest rates higher for longer. The shift in sentiment supported the U.S. dollar and crude oil, while weighing on non-yielding assets such as gold and silver.

Meanwhile, the Federal Reserve's June meeting minutes showed that only a few policymakers supported an immediate rate hike, although officials acknowledged rising inflation risks, suggesting the central bank remains cautious about the outlook for monetary policy.

Near-term risks remain tilted to the downside, with further escalation in Middle East tensions and sustained strength in oil prices likely to reinforce inflation concerns and keep pressure on precious metals. Investors should remain cautious about long positions until greater clarity emerges on interest rates and Middle East developments.

Crude oil extended its rally on Thursday, with WTI crude climbing above $74 per barrel for a third consecutive session, as escalating tensions between the U.S. and Iran reignited fears of supply disruptions in the Middle East. The renewed geopolitical risks have restored a significant risk premium to oil prices, with investors increasingly focused on the possibility of disruptions to global crude supplies.

Natural gas futures held near recent lows on Thursday, hovering around $3.21 per MMBtu as expectations of another healthy storage build reinforced the view of comfortable supply conditions. Market estimates suggest inventories rose by 61 Bcf in the week ended July 3, exceeding the five-year average increase of 51 Bcf for the same period.

Gold

• Trading Range: 139900 to 145650

• Intraday Trading Strategy: Sell Gold Mini Aug Fut at 144150-144175 SL 145050 Target 142780/142350

Silver

• Trading Range: 220150 to 229425

• Intraday Trading Strategy: Sell Silver Mini Aug Fut at 226355-226375 SL 228450 Target 223900/221550

Crude Oil

• Trading Range: 6875 to 7480

• Intraday Trading Strategy: Buy Crude Oil Jul Fut at 6980-7000 SL 6850 Target 7125/7175

Natural Gas

• Trading Range: 294 to 319

• Intraday Trading Strategy: Sell Natural Gas Jul Fut at 312-312.5 SL 319.50 Target 301/297.0

Copper

• Trading Range: 1256 to 1280

• Intraday Trading Strategy: Sell Copper Jul Fut at 1274-1275 SL 1282 Target 1261/1256

Zinc

• Trading Range: 365 to 373.8

• Intraday Trading Strategy: Buy Zinc Jul Fut at 368.0- 368.5 SL 365.0 Target 371.80/373.8

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