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GLOBAL MARKET ROUND UP

Gold prices rose little on Thursday and traded within a range as traders remained cautious ahead of the release of key US macro data, including PCE inflation data due later today. That could influence the Federal Reserve's interest rate policy and provide further direction for gold.

On the macro front, Data showed on Thursday US GDP rose at a 3% annualized rate during the April-June period, up from the previous estimate of 2.8%. The economy’s main growth engine, personal spending, advanced 2.9% versus the prior estimate of 2.3%. A separate government report out Thursday showed initial applications for unemployment benefits were little changed. Following the print, Treasury yields, and the dollar moved higher.

Crude oil surged more than 1.50% on Thursday, driven by positive US economic data and worsening supply disruptions in Libya. Libya suspended oil exports from five eastern ports, and the country’s output dipped further amid an escalating stalemate over who controls the central bank.

Natural gas rebounded from the day's low and settled marginally higher on Thursday due to a short covering move.

Base metals consolidated in range with moderate bearish bias on Thursday amid mixed global cues. Investors’ focus will be on China's official manufacturing PMI data due tomorrow.

Asian stocks gained on optimism that the US economy is headed for a soft landing.

Gold

Trading Range: 71510 to 72325

Intraday Trading Strategy: Buy Gold Oct. Fut at 71700-71725 SL 71510 Target 72050/72325

Silver

Trading Range: Dec Fut 85700 to 87350

Intraday Trading Strategy: Buy Silver Mini Nov Fut 86450-86475 SL 85800 Target 87380/87600

Crude Oil

Trading Range: 6265 to 6550

Intraday Trading Strategy: Buy Crude Oil Sep Fut at 6320 SL 6255 Target 6450

Natural Gas

Trading Range: 168 to 188

Intraday Trading Strategy: Buy Natural Gas Sep Fut at 174-174.80 SL 171 Target 182/187

Copper

Trading Range: 797 to 817

Intraday Trading Strategy: Buy Copper Sep Fut at 804-805 SL 799 Target 812/816

Zinc

Trading Range: 265-274

Intraday Trading Strategy: Buy Zinc Sep Fut at 267- 267.80 SL 265 Target 270.80/273

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