IGI Logo

GLOBAL MARKET ROUND UP

Gold traded in a narrow range as investors maintained a cautious stance amid mixed developments surrounding U.S.–Iran peace negotiations. While reports suggested some progress toward a diplomatic resolution, conflicting signals from both sides kept uncertainty elevated, limiting strong directional movement in precious metals. Market participants continued to assess how developments in the Middle East could influence energy prices, inflation expectations, and the outlook for global interest rates. Meanwhile, a fall in crude oil prices helped ease inflation concerns, providing some support to bullion and helping gold hold above the $4,500 level. The developments in U.S.–Iran negotiations, which are likely to significantly influence precious metals in the near term, will remain the focus of market attention. Continued progress toward a diplomatic resolution could drive crude oil prices lower, alleviating inflation concerns and fostering a more favorable environment for gold and silver. Conversely, any setbacks in negotiations or renewed geopolitical tensions could cause oil prices to rise again, heighten inflation expectations, and negatively impact sentiment in the precious metals market. Spot gold has immediate support at $4,450; below that, the next support level is $4,335. Crude oil settled lower in a volatile session on Thursday as markets reacted to mixed developments surrounding efforts to resolve the U.S.–Iran standoff. Prices moved sharply higher earlier in the session following reports that Iran remained firm on retaining its enriched uranium program, raising concerns over prolonged geopolitical tensions. However, sentiment later reversed after renewed diplomatic efforts, including mediation discussions in Tehran, revived optimism over the possibility of a negotiated resolution. Meanwhile, supply-side developments also remained in focus. Reports showed nearly 10 million barrels were withdrawn from the U.S. Strategic Petroleum Reserve last week, marking the largest release on record. In addition, discussions surrounding shipping control mechanisms in the Strait of Hormuz continued to draw market attention, highlighting ongoing uncertainty around a key global energy transit route. Natural gas prices retreated after the latest weekly storage report highlighted ample supply conditions

Gold

• Trading Range: 156900 to 161050

• Intraday Trading Strategy: Buy Gold Mini Jun Fut at 158450-158475 SL 157500 Target 159480/160150

Silver

• Trading Range: 272900 to 283450

• Intraday Trading Strategy: Buy Silver Mini Jun Fut at 275950-275975 SL 272780 Target 279450/280550

Crude Oil

• Trading Range: 8700 to 9950

• Intraday Trading Strategy: Sell Crude Oil Jun Fut at 9480-9500 SL 9725 Target 9080/8900

Natural Gas

• Trading Range: 275 to 304

• Intraday Trading Strategy: Sell Natural Gas May Fut at 292-293 SL 297.8 Target 284/280

Copper

• Trading Range: 1325to 1365

• Intraday Trading Strategy: Buy Copper May Fut at 1344-1345 SL 1338 Target 1356/1359

Zinc

• Trading Range: 363 to 375

• Intraday Trading Strategy: Buy Zinc May Fut at 368.50-369 SL 365.0 Target 372.25/374.8

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

SEBI Registration number is INZ00017133