Gold ended the session lower, as traders took stock of the mood across financial markets - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold ended the session lower, as traders took stock of the mood across financial markets. Despite its haven status, the precious metal was caught up in Monday’s plunge. However, fears of weakening economic growth in the US have helped support its appeal.
Copper fell as stockpiles continued to build. A 42,175t inflow on Wednesday took inventories in London Metal Exchange warehouses to a four-year high. Most of the metal is flooding into sheds in South Korea and Taiwan, key entry points for Chinese metal. Industrial commodities have been on a downhill trend for months. The LMEX Metals Index, tracking six major metals on London’s exchange, has fallen 19% since peaking in May and nearly erased 2024’s gains.
Crude oil extended gains as the recovery from Monday’s selloff continued. However, the gains were supported by renewed supply-side issues. The market has been on edge as it awaits a response from Iran. An aggressive response could lead to wider conflict in the Middle East and threaten oil supply.
Global gas prices surged amid renewed risks to supply.
Asian equities fell Thursday, continuing a rout of volatile trading as investors digest signals from central banks on the path ahead for interest rates.
The Reserve Bank of India is expected to hold rates steady at 6.5% for a ninth straight meeting.
Gold
Trading Range: 68300 to 69900
Intraday Trading Strategy: Sell Gold Oct. below 68700 SL 68800 Target 68450 (CMP 68940)
Silver
Trading Range: 78200 to 79600
Intraday Trading Strategy: Sell Silver Sept Fut below 78800 SL 79300 Target 78300 (CMP 79250)
Crude Oil
Trading Range: 6300 to 6480
Intraday Trading Strategy: Sell Crude Oil Aug Fut at 6400 SL 6480 Target 6300 (CMP 6361)
Natural Gas
Trading Range: 160 to 185
Intraday Trading Strategy: Buy Natural Gas Aug Fut above 178 SL 183 Target 172 (CMP 176.3)
Copper
Trading Range: 760 to 785
Intraday Trading Strategy: Sell Copper Aug Fut below 770 SL 777 Target 761 (CMP 773)
Zinc
Trading Range: 242-253
Intraday Trading Strategy: Buy Zinc Aug Fut above 247 SL 243 Target 251 (CMP 246.30)
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