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GLOBAL MARKET ROUND UP

* Gold was on track for its biggest weekly gain since November, as broad risk-off sentiment buoyed demand for haven assets. Spot gold was trading near $2,660 an ounce in the Asian trading hours on Friday after climbing 1.3% on Thursday, with investors monitoring increasing concerns over near-term volatility in stock markets.

* On the macro front, US initial jobless claims fell to 211,000 in the week ended Dec. 28 from an upwardly revised 220,000 level in the previous week, in contrast with expectations for an increase to 221,000 in the survey. This indicates a low number of layoffs at the end of 2024, which is consistent with a healthy labor market.

* Crude oil has broken out of a tight trading range that it’s been stuck in for months, with a breach of a key technical threshold and shrinking US crude stockpiles helping to drive prices higher. Nationwide crude inventories remain well below the seasonal average after stockpiles dropped for a sixth straight week.

* Natural gas recovered from early losses and settled moderately higher on Thursday as forecasts for the first half of this month continue to call for below-normal temperatures across most of the US, boosting heating demand for natural gas. Furthermore, Thursday's surge in European natural gas prices to a 14-month high also provided carryover support to US natural gas prices.

* Industrial metals closed on a mixed note on Thursday amid concerns about the demand outlook, Trump's tariff plan, and the strong US dollar. A rally in the US dollar has pressured base metals, with copper, zinc, and aluminum down in the week. The US dollar's gains follow a sharp sell-off in Chinese equities and a weakened yuan, likely reflecting renewed market pessimism over a recovery in China's economy.

Gold

Trading Range: 77450 to 78380

Intraday Trading Strategy: Buy Gold Mini Feb Fut at 77550 SL 77375 Target 77925/78080

Silver

Trading Range: 88580 to 90450

Intraday Trading Strategy: Buy Silver Mini Feb Fut at 88850-88900 SL 88100 Target 89900/90200

Crude Oil

Trading Range: 6200 to 6380

Intraday Trading Strategy: Buy Crude Oil Jan Fut at 6255 SL 6197 Target 6345/6375

Natural Gas

Trading Range: 297 to 326

Intraday Trading Strategy: Buy Natural Gas Jan Fut at 309-310 SL 303.0 Target 319/324

Copper

Trading Range: 784 to 809

Intraday Trading Strategy: Sell Copper Jan Fut at 797 SL 802.0 Target 788

Zinc

Trading Range: 271-280

Intraday Trading Strategy: Sell Zinc Jan Fut at 277.0 SL 280.50 Target 272.80/271.

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