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GLOBAL MARKET ROUND UP

Gold climbed to around $4,620 an ounce on Thursday, recovering from the previous session’s losses and remaining near a three-month high. The so-called debasement trade continues to support demand as investors hedge against concerns over U.S. debt sustainability and potential dollar weakness. Meanwhile, July PCE inflation came in above expectations and remained elevated, reinforcing a cautious outlook for U.S. interest rates. Market focus now turns to Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium on Friday for further clues on the Fed’s policy stance, although clear guidance on the September decision is unlikely.

Meanwhile, the U.S. dollar index recovered modestly as stronger-than-expected inflation and economic data lent some support to a hawkish Fed policy outlook. Market attention now turns to the Jackson Hole symposium, along with Bank of Japan Deputy Governor Ryozo Himino’s speech and press conference, for further clues on the outlook for U.S. and Japanese monetary policy.

Crude oil slipped below $82 per barrel on Thursday, extending losses for a fourth consecutive session as signs of diplomatic progress in the Middle East eased some supply concerns. Iran and Oman reached an agreement on their respective shares of the Strait of Hormuz waters and related revenues, although Tehran indicated that reopening the key waterway would require broader arrangements.

Meanwhile, President Donald Trump said around 10 million barrels of oil passed through Hormuz on Tuesday and reiterated that mines in the waterway had been cleared. However, renewed geopolitical risks elsewhere, including reports of a potential escalation in Ukraine, continue to keep global energysupply risks in focus.

Natural gas futures surged more than 2% on Wednesday to a more than one-month high, supported by forecasts for warmer-than-normal temperatures extending into September. The hotter outlook boosted expectations for stronger cooling demand and provided upward momentum ahead of this week’s closely watched EIA storage report.

Copper prices edged higher in early Asian trading, with three-month LME copper up 0.2% at $14,280 per ton. The market continues to draw support from tightening physical availability, as copper inventories

Gold

• Trading Range: 157480 to 163500

• Intraday Trading Strategy: Sell Gold Mini Oct Fut at 160950-160975 SL 161780 Target 159900/159450

Silver

• Trading Range: 245750 to 255100

• Intraday Trading Strategy: Buy Silver Mini Nov Fut at 247700-247725 SL 246050 Target 249900/251080

CrudeOil

• Trading Range: 7580 to 8000

• Intraday Trading Strategy: Sell Crude Oil Sep Fut at 7875-7880 SL 7955 Target 7775/7720

NaturalGas

• Trading Range: 245750 to 255100

• Intraday Trading Strategy: Buy Silver Mini Nov Fut at 247700-247725 SL 246050 Target 249900/251080

Copper

• Trading Range: 1380 to 1409

• Intraday Trading Strategy: Buy Copper Sep Fut at 1387-1388 SL 1382 Target 1394/1399.0

Zinc

• Trading Range: 412 to 425

• Intraday Trading Strategy: Buy Zinc Sep Fut at 415.0-415.50 SL 412.0 Target 419.8/424.0

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