Gold eased from record $4,000/oz, dropping up to 1% after prior 1.4% gain - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
* Gold slipped from its all-time high above $4,000 an ounce, cooling off after a blistering rally. The metal fell up to 1% on Thursday, reversing some of Wednesday’s 1.4% gain. Overbought signals and investor profit-taking likely triggered the pullback. Meanwhile, its safe-haven lure dimmed after President Trump hinted a Middle East peace deal was nearing, with progress reported in Gaza ceasefire talks.
* Oil dipped as easing Middle East tensions and rising U.S. crude inventories weighed on sentiment. Brent slipped below $66 a barrel, while WTI hovered near $62. A key breakthrough in hostage negotiations between Israel and Hamas, brokered by the U.S. and Qatar, eased supply concerns. President Trump signaled a possible visit to Israel. Meanwhile, U.S. crude stockpiles rose for a second week, though still near seasonal lows, with Cushing and refined product inventories declining.
* US refinery crude runs hit a seasonal record, EIA data showed. Weekly fuel demand climbed to its highest level since 2022. Crude inventories rose by 3.7 million barrels last week, the largest increase in about a month.
* Copper climbed to a 16-month peak in London, gaining up to 0.5% to $10,815 a ton, as fresh supply concerns emerged. Teck Resources cut output forecasts for its Quebrada Blanca mine in Chile, adding to a string of 2025 disruptions that have tightened the global copper market.
* Asian stocks climbed for the first time in three sessions, buoyed by renewed interest in AIlinked firms, especially in Japan. MSCI’s Asia-Pacific index rose 0.3%, with tech giants like SoftBank leading gains. The Nikkei extended its rally, while Hong Kong traded mixed amid HSBC’s move to privatize Hang Seng Bank. Mainland Chinese shares surged 1.6% as markets reopened post-Golden Week.G
Gold
Trading Range: 121000 to 124000
Intraday Trading Strategy: Buy Gold Dec Fut at 122100 SL 121100 Target 123500
Silver
Trading Range: 143000 to 151000
Intraday Trading Strategy: Buy Silver Dec. Fut at 145500 SL 143100 Target 150000
Crude Oil
Trading Range: 5400 to 5650
Intraday Trading Strategy: Buy Crude Oil Oct Fut at 5490-5470 SL 5440 Target 5590-5610
Natural Gas
Trading Range: 278 to 310
Intraday Trading Strategy: Sell Natural Gas Oct Fut at 301 SL 307 Target 287
Copper
Trading Range: 980 to 1020
Intraday Trading Strategy: Buy Copper Oct Fut above 1005 SL 987 Target 1020
Zinc
Trading Range: 290 to 299
Intraday Trading Strategy: Buy Zinc Oct Fut at 293-291 SL 288 Target 299
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