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GLOBAL MARKET ROUND UP

Precious metals retreated on Thursday after rallying to a two-week high in the previous session, as investors turned cautious ahead of next week's Federal Reserve policy meeting. Rising oil prices, driven by escalating tensions in the Middle East, renewed inflation concerns and reinforced expectations that the Fed will maintain a restrictive monetary policy for longer, weighing on bullion prices.

Geopolitical risks remained elevated after Iran-backed Houthi militants claimed attacks on two Saudi oil tankers in the Red Sea, heightening concerns over broader energy supply disruptions. Meanwhile, U.S. forces launched a 12th consecutive day of strikes on Iran aimed at curbing threats to commercial shipping, while Tehran reportedly retaliated by targeting Kuwait.

Despite the recent rebound, uncertainty over sustained follow-through buying persists. Escalating geopolitical tensions continue to support crude oil prices and fuel inflationary pressures, limiting gold's sustainable upside potential as investors remain cautious ahead of key monetary policy signals from the Federal Reserve.

Crude oil prices climbed to around $88 per barrel on Thursday, the highest level in six weeks, as escalating geopolitical tensions heightened concerns over potential supply disruptions across key global shipping routes. Market sentiment remained supported after Iran-backed Houthi militants reportedly attacked two Saudi oil tankers in the Red Sea, raising fears of broader disruptions to energy supplies. Meanwhile, prospects for a diplomatic resolution remained dim, with both sides downplaying the likelihood of peace talks. President Donald Trump also warned of further strikes on Iranian infrastructure, keeping the geopolitical risk premium firmly embedded in oil prices.

Natural gas prices edged higher ahead of today's EIA storage report, while traders monitored Tropical Storm Bertha's path along the U.S. Gulf Coast for potential impacts on LNG operations. Weather forecasts suggest Tropical Storm Bertha is likely to have only limited effects on LNG export facilities and domestic natural gas demand.

Copper advanced in Asian trading as supply tightness in China continued to support prices, with the physical copper premium rising to around $100 per metric ton from approximately $20 in late January.

Markets will closely watch today's ECB policy decision, U.S. jobless claims, and the natural gas storage report for fresh direction across financial and commodity markets.

Gold

• Trading Range: 141750 to 146080

• Intraday Trading Strategy: Sell Gold Mini Aug Fut at 144900-144925 SL 145550 Target 144380/143900

Silver

• Trading Range: 224600 to 231750

• Intraday Trading Strategy: Sell Silver Mini Aug Fut at 229750-229750 SL 231780 Target 227450/226075

Crude Oil

• Trading Range: 8180 to 8705

• Intraday Trading Strategy: Buy Crude Oil Aug Fut at 8425-8430 SL 8325 Target 8595/8700

Natural Gas

• Trading Range: 272 to 297

• Intraday Trading Strategy: Sell Natural Gas Jul Fut at 286-287 SL 292.8 Target 282/277

Copper

• Trading Range: 1319 to 1365

• Intraday Trading Strategy: Buy Copper Jul Fut at 1335-1336 SL 1327 Target 1344/1352.80

Zinc

• Trading Range: 377 to 392

• Intraday Trading Strategy: Buy Zinc Jul Fut at 384.0- 384.5 SL 381.8 Target 388.05/390.0

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