Gold has gained more than 70% this year, and silver has risen by 150% - HDFC Sescurities Ltd
GLOBAL MARKET ROUND UP
* An unprecedented rally continues in bullion, with spot gold surpassing another milestone at the $4,500 mark while silver crossed the $71.0 mark. Gold has gained more than 70% this year, and silver has risen by 150%. Elevated central bank purchases and inflows into exchange-traded funds have underpinned the rally in precious metals. Total holdings in gold-backed ETFs have risen every month this year except May
* Another dominant driver for both gold and silver right now is the combination of sustained physical demand and renewed sensitivity to macro risk and expectations that the Federal Reserve will deliver more than one rate cut in 2026, alongside rising geopolitical tensions that are strengthening the safe-haven appeal of gold and silver.
* Crude oil prices increased for a fifth consecutive day in light trading, as investors evaluated the impact of the US clampdown on shipments from Venezuela against the backdrop of weak demand. The US has boarded one tanker, seized another, and recently pursued a third vessel near Venezuela, as Washington intensifies pressure on the government of Nicolas Maduro. Geopolitical tensions, including the threat of US land strikes against suspected drug operations in Latin America and the ongoing war in Ukraine, have contributed to the recovery of oil prices from recent lows. Focus will be on today's government weekly storage report.
* Natural gas prices rose in late evening trading on Tuesday, driven by forecasts predicting colder weather in the eastern half of the country at the end of the month, which is expected to increase demand for the fuel.
* Copper prices topped $12,000 a ton for the first time, extending the metal’s recent bull run as mine outages add to concerns about the supply of the vital industrial metal. The threat of US import tariffs on the metal has also been an important factor pushing up prices this year.
Gold
* Trading Range: 137100 to 139750
* Intraday Trading Strategy: Buy Gold Mini Jan Fut at 136025-136050 SL 135575 Target 136625/137050
Silver
* Trading Range: 219450 to 224900
* Intraday Trading Strategy: Buy Silver Mini Feb Fut at 223050-223075 SL 221900 Target 224450/224900
Crude Oil
* Trading Range: 5205 to 5335
* Intraday Trading Strategy: Buy Crude Oil Jan Fut at 5235-5240 SL 5195 Target 5305/5335
Natural Gas
* Trading Range: 375 to 412
* Intraday Trading Strategy: Buy Natural Gas Dec Fut at 392-394 SL 387 Target 405/409
Copper
* Trading Range: 1127 to 1156
* Intraday Trading Strategy: Buy Copper Dec Fut at 1141-1142 SL 1135.0 Target 1152.5/1156
Zinc
* Trading Range: 302 to 312
* Intraday Trading Strategy: Buy Zinc Dec Fut at 305.50 SL 302.80 Target 307.80/309
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