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GLOBAL MARKET ROUND UP

Gold climbed to around $4,400 an ounce on Tuesday, reaching a two-month high as investment demand strengthened despite rising inflation risks and expectations of higher interest rates amid surging crude oil prices. Demand from China remained a key source of support. Chinese institutional investors continued to increase their bullion holdings as a hedge against volatility in other asset classes, while gold-backed ETFs in China recorded their longest streak of inflows in several months. China's central bank also accelerated its gold purchases, adding around 20 tonnes to its reserves in Jul tonnes in June—the largest monthly addition since October 2023. Attention now turns to upcoming U.S. inflation data for fresh clues on the Federal Reserve's policy outlook.

The July consumer price report due Wednesday, followed by producer price data on Thursday, will be closely watched after weaker-than-expected U.S. employment data last week prompted markets to scale back expectations for a rate hike at the Fed's next meeting. Crude oil prices held above $82 per barrel on Tuesday after rising for a third consecutive session, supported by persistent uncertainty over a potential U.S.-Iran agreement to end the conflict and reopen the Strait of Hormuz.

Geopolitical risks remained elevated after U.S. President Donald Trump rejected Iran's conditions for a peace deal and demanded compensation for people killed in wars, attacks and protests. The tougher stance raised doubts over the prospects of a near-term agreement, keeping the geopolitical risk premium in crude oil prices elevated. Market attention now turns to the EIA's Short-Term Energy Outlook for updated forecasts on U.S. oil and natural gas production, demand and inventories, which could provide fresh direction for energy prices.

Natural gas futures moved higher as warmer near-term weather forecasts pointed to stronger cooling demand, while rising LNG feedgas flows provided additional support. Ongoing Middle East tensions also kept global energy supply concerns elevated, adding to the bullish sentiment. Copper prices traded higher in early Asian trade, supported by tight near-term supply and expectations of constrained mine output. A weaker U.S. dollar and firm supply fundamentals continue to underpin the bullish outlook, while limited investment in new mining capacity could further restrict global copper supply growth over the longer term.

Gold

• Trading Range: 151900 to 155750

• Intraday Trading Strategy: Buy Gold Mini Sep Fut at 152700-152725 SL 151900 Target 154080/154650

Silver

• Trading Range: 234050 to 244700

• Intraday Trading Strategy: Buy Silver Mini Aug Fut at 237900-237925 SL 235050 Target 242480/243900

Crude Oil

• Trading Range: 7580 to 8025

• Intraday Trading Strategy: Buy Crude Oil Aug Fut at 7750-7755 SL 7650 Target 7835/7925

Natural Gas

• Trading Range: 256 to 275

• Intraday Trading Strategy: Buy Natural Gas Aug Fut at 261-261.5 SL 256 Target 265.80/269

Copper

• Trading Range: 1367 to 1394

• Intraday Trading Strategy: Buy Copper Aug Fut at 1378-1379 SL 1374 Target 1384/1387.0

Zinc

• Trading Range: 387 to 397

• Intraday Trading Strategy: Buy Zinc Aug Fut at 392.50-392.80 SL 389.0 Target 395.8/397.0

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