Gold and Crude Quote for today by Kaynat Chainwala - Senior Manager, Commodities Research - Kotak Securities.
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Below the Quote on Gold and Crude Quote for today by Kaynat Chainwala - Senior Manager, Commodities Research - Kotak Securities.
Comex Gold has slipped 0.3% and is currently trading near $2415/oz, following an assassination attempt on Donald Trump that has raised prospects of his winning the US presidential election. Last week, Comex Gold prices surpassed $2400/oz and surged to $2430/oz as signs of weakness in the labor market and ongoing disinflationary trends bolstered expectations that the Fed might soon pivot to rate cuts. This move sent 2-year and 10-year Treasury yields to their lowest levels since March. Currently, markets are anticipating US retail sales figures for June, which Bloomberg forecasts to decline by 0.3% month-over-month, indicating another month of sluggish spending. If the data meets expectations, it could support gold prices, as markets are already nearly certain of a September rate cut. However, a negative surprise may cause traders to trim their expectations for rate cuts.
WTI Crude oil futures are holding declines owing to dollar recovery and a series of disappointing data releases from China. Crude oil closed 1.1% lower last week snapping a four week rally as concerns about supply disruptions from Hurricane Beryl eased without affecting US domestic crude oil production. Crude oil prices may find support from signs of increased fuel demand in the US during the summer travel season and expectations of an imminent change in Fed policy. However, significant upside is unlikely as markets cautiously await the third plenum meeting to see if Beijing will intensify efforts to stimulate growth amidst concerns of a slowdown, although this event primarily focuses on longer-term political and economic reforms
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