Gold ends higher amid volatility on Trump`s tariff deadline - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
* Gold closed higher during a volatile trading session on Thursday, as investors anticipated President Donald Trump’s tariff deadline. The US will maintain a minimum global tariff of 10%, while imports from countries that have trade surpluses with the nation will face duties of 15% or more.
* Additionally, the Federal Reserve’s preferred measure of underlying inflation accelerated in June, reaching one of the fastest rates this year. Gold is considered a traditional asset for hedging against inflation.
* Crude oil prices declined on Thursday, ending a three-day rally. Prices remain largely range-bound as traders look for clearer signals regarding supply and demand balances. Weakness in broader markets, driven by worse-than-expected US inflation data, along with crude traders taking profits after prices reached a six-week high, also contributed to the decline in oil prices.
* Natural gas prices settled higher during a volatile trading session. An increase in LNG feed gas demand and a "quite hot" second week of August likely contributed to these gains. Meanwhile, overall natural gas fundamentals remain moderately bearish. The EIA reported a 48 Bcf storage build for last week, which was double the five-year average for that week, raising the surplus to 195 Bcf from 171 Bcf.
* Copper was poised for a weekly decline in LME as the market absorbed the implications of President Donald Trump’s unexpected decision to exempt refined forms of the metal from substantial US import tariffs.
* Investors will focus on today’s key US employment data for July, alongside trade talks. These data are expected to indicate that job growth has moderated, and unemployment has increased
Gold
• Trading Range: 97150 to 98525
• Intraday Trading Strategy: Sell Gold Mini Sep Fut at 98280-98300 SL 98512 Target 97580/ 97400
Silver
• Trading Range: 108300 to 110780
• Intraday Trading Strategy: Sell Silver Mini Aug Fut at 109925-109935 SL 110780 Target 108900/108480
Crude Oil
• Trading Range: 5925 to 6175
• Intraday Trading Strategy: Buy Crude Oil Aug Fut at 6015-6025 SL 5950 Target 6125/6150
Natural Gas
• Trading Range: 256 to 280
• Intraday Trading Strategy: Sell Natural Gas Aug Fut at 273-274 SL 280.0 Target 265/261
Copper
• Trading Range: 866 to 895
• Intraday Trading Strategy: Sell Copper Aug Fut at 881-882 SL 887 Target 875/872
Zinc
• Trading Range: 258 to 270
• Intraday Trading Strategy: Sell Zinc Aug Fut at 265.50 SL 268.0 Target 262.8/261.0
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