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.
WTI Crude oil futures dipped below $77/bbl despite OPEC's decision to extend output cuts as the group plans to gradually phase out 2.2 million bpd of voluntary cuts from October 2024 to September 2025. Traders doubt the market's ability to absorb extra barrels in October due to concerns over demand and robust non-OPEC supply. Currently, OPEC+ is reducing output by a total of 5.86 million barrels per day (bpd). Out of this, 3.66 million bpd of cuts, originally set to expire by the end of 2024, have now been extended until the end of 2025, while voluntary cuts by eight members totaling 2.2 million bpd, due to expire by the end of June 2024, have been prolonged until the end of September 2024. Oil prices may find support from hopes of US summer driving demand and China’s Caixin manufacturing PMI rising at the fastest pace in two years.
COMEX Gold slipped after a marginal weekly loss as markets doubt a softer US inflation reading will prompt an imminent rate cut. The Fed is expected to wait for more evidence of cooling inflation before pivoting. Markets await the US labor report, as PCE figures didn't significantly alter rate cut guidance, with swaps markets still pricing just one rate cut by year-end. Unexpected job market heating could delay rate hikes, while moderation may prompt the Fed to cut rates sooner, supporting gold prices ahead of the June 12 FOMC statement
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