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GLOBAL MARKET ROUND UP

Gold traded around $4,350 an ounce on Friday after gaining nearly 2% in the previous session, while silver held above $65 after rising more than 3%. Both metals were supported by a continued decline in oil prices, which eased inflation concerns and helped pull Treasury yields lower. Oil prices fell for a third consecutive session as Saudi Arabia worked to restore flows through its East-West pipeline.

Meanwhile, U.S. Treasury yields retreated from their recent multi-year highs, with the 10-year yield easing to around 4.93% after briefly moving above 5% earlier this week. Investors are also watching President Donald Trump’s planned meeting with Gulf leaders next week for further signals on regional developments.

The near-term outlook for gold and silver has turned positive as easing oil prices, lower Treasury yields and reduced inflation concerns improve the backdrop for precious metals. A sustained recovery could encourage further buying, although movements in the U.S. dollar and yields will remain key factors. Meanwhile, on the macro front, U.S. data showed that initial jobless claims unexpectedly declined last week, although the drop was likely influenced by the Labor Day holiday. The underlying trend continued to point to a relatively stable labor market. Elsewhere, the Bank of England kept interest rates unchanged on Thursday but indicated that further tightening could be required if inflationary pressures persist. The Bank of Japan raised interest rates on Friday to their highest level in 31 years, while signaling that further policy action could be considered to contain inflation risks.

Crude oil futures fell toward $101 a barrel on Friday, extending losses for a third consecutive session as concerns over Middle East supply disruptions eased. The decline was driven by signs that oil continues to move through the Strait of Hormuz via ship-to-ship transfers and other alternative shipping arrangements, while expectations of renewed diplomatic efforts between the U.S. and Iran also reduced some supply-risk premium. Meanwhile, Saudi Arabia is targeting the restoration of around half the capacity of its East-West pipeline within days, with full operations expected to resume within six weeks. Any further improvement in tanker flows through the Strait of Hormuz or progress toward U.S.-Iran negotiations could put additional downward pressure on crude prices. Natural gas prices fell over 1% to $2.85/MMBtu on Friday, erasing the previous session’s gains as cooler weather forecasts weighed on demand expectations.

Gold

• Trading Range: 150750 to 155450

• Intraday Trading Strategy: Buy Gold Mini Sep Fut at 152600-152625 SL 151780 Target 153905/154525

Silver

• Trading Range: 237050 to 245080

• Intraday Trading Strategy: Buy Silver Mini Nov Fut at 239775-239800 SL 237050 Target 241900/243500

Crude Oil

• Trading Range: 9350 to 10050

• Intraday Trading Strategy: Sell Crude Oil Sep Fut at 9850-9875 SL 10025 Target 9625/9550

Natural Gas

• Trading Range: 265 to 287

• Intraday Trading Strategy: Sell Natural Gas Sep Fut at 280-280 SL 285 Target 274.80/270

Copper

• Trading Range: 1375 to 1405

• Intraday Trading Strategy: Buy Copper Sep Fut at 1389-1389.50 SL 1382 Target 1397/1403.0

Zinc

• Trading Range: 417 to 433

• Intraday Trading Strategy: Buy Zinc Sep Fut at 425.0- 425.50 SL 422.0 Target 430.8/433.0

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