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Gold steadied after tumbling the most since August as traders pared bets on the pace of rate cuts by the Federal Reserve - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold steadied after tumbling the most since August as traders pared bets on the pace of rate cuts by the Federal Reserve.
On Monday, when Fed Chair Jerome Powell said the central bank would lower rates “over time,” and re-emphasized that the economy remains on solid footing. His remarks pushed swaps traders to rein in bets for hefty rate cuts. Lower borrowing costs tend to benefit gold as it doesn’t pay interest.
Israel, meanwhile, said it had begun “ground raids” in southern Lebanon against Hezbollah. The attacks further expanded its campaign against the Iran-backed group after the killing of its leader, Hassan Nasrallah, on Friday.
Oil steadied at the start of the fourth quarter as geopolitical risks in the Middle East, with Israel beginning ground raids inside Lebanon, vied with the prospects of a return of Libyan supply.
Libya is preparing to restore production after its two rival governments reached a compromise, according to people familiar with the situation.
Copper and other metals edged up on the back of optimism over Chinese stimulus and more US rate cuts. Base metals and iron ore have rallied since Chinese authorities surprised investors with a major economic rescue package early last week.
Base metal is expected to consolidate amid the Chinese Golden Week holiday
Gold
Trading Range::75270 to 75950
Intraday Trading Strategy: Buy Gold Dec. above 75700 SL 75500 Target 75990
Silver
Trading Range :91500 to 90300
Intraday Trading Strategy: Sell Silver Dec Fut below 90800 SL 91200 Target 90300
Crude Oil
Trading Range:5920 to 6100
Intraday Trading Strategy: Sell Crude Oil Oct Fut below 6020 SL 6080 Target 5940
Natural Gas
Trading Range:235 to 250
Intraday Trading Strategy: Buy Natural Gas Oct Fut at 237 SL 234 Target 249
Copper
Trading Range:865 to 835
Intraday Trading Strategy: Sell Copper Oct Fut at 859 SL 865 Target 845
Zinc
Trading Range : 278-290
Intraday Trading Strategy: Buy Zinc Sep Fut at 284 SL 280 Target 289
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