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Easing supply concerns weigh on crude

Comex Gold prices remained stable near a record high of $over $2,690 as investors awaited the Federal Reserve Chair's speech and inflation data. Investors were looking for new economic factors to influence the market, with growing concerns about US growth leading to expectations of lower interest rates. Moreover, increasing violence and risk of a broader conflict in the Middle East continued to bolster gold's status as a safe haven. WTI Crude Oil have fallen for the second consecutive day today to trade $72.5 due to increased Saudi Arabian production and potential Libyan crude output. Libya's rival administrations have reached an agreement on appointing the central bank leadership, which could lead to a revival in production. These developments, along with concerns about OPEC+ supply and China's economy, have contributed to the decline in oil prices. LME base metals rose China's Politburo has announced measures to support its property sector and complete annual economic goals. There are reports that China is considering injecting $142 billion into its biggest state banks. LME Copper edged above $9910/tonne, Aluminium up 1.5% to $2580/tonne and Zinc jumps 2.6% to trade $3050/tonne as these measures expected to boost the economy and stabilize the property market. US natural gas futures increased by 1.6% today due to anticipated warmer-than-normal weather in the western US and other regions. This warmer weather expected to boost cooling demand for natural gas, which is used as a fuel for power plants. Today, traders keenly await pre-recorded address by Powell today at the 10th annual US treasury Market Conference while Final GDP and jobless claims will be closely watched on the data front.

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