Commodity Market updates on bullion and crude oil from Pinky Yadav, Commodity Fundamental Analyst at Choice Broking
Below the Commodity Market updates on bullion and crude oil from Pinky Yadav, Commodity Fundamental Analyst at Choice Broking
Bullion
MCX Bullion prices resumed their gap-up rally as softer crude oil prices eased inflation concerns, while a modest retreat in the US dollar provided further support. Gold gained fresh momentum following the US midterm elections, despite stronger October job growth and a decline in unemployment to 4.1%, reinforcing expectations of a December Fed rate hike. Meanwhile, the PBOC extended its gold-buying streak to 24 consecutive months. Trump's conciliatory stance eased oil prices, moderating inflation concerns and supporting bullion. Investors will closely monitor geopolitical developments, Russia-Ukraine peace talks, crude oil movements, US inflation data and Fed policy signals.
Crude Oil
MCX Crude oil prices trading in downtrend territory as easing US-Iran tensions reduced concerns over potential supply disruptions. President Trump indicated that further strikes on Iran were highly unlikely if negotiations made substantial progress, while diplomatic efforts to end the conflict continued. Meanwhile, Iraq announced an agreement with the US to export oil through a channel near Oman via the Strait of Hormuz. According to Axios, Trump is also scheduled to meet Qatar’s Prime Minister on Monday to discuss regional developments.
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