In April, US business activity expanded at the slowest pace this year - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold pared losses after weaker-than-expected US business activity data helped underpin the case for Federal Reserve rate cuts this year. Earlier Tuesday, gold fell as much as 1.5% to below $2,300 amid easing war risks in the Middle East.
In April, US business activity expanded at the slowest pace this year. The S&P Global flash April composite index of output at manufacturers and service providers showed the first contraction in six months. The weaker report underpins the case for rate cuts, which would support non-interest-bearing gold.
Crude oil settled higher on Tuesday and is currently trading with modest gains as a report showed lower US crude stockpiles and traders tracked progress toward fresh sanctions on Iran. The API noted a decline in overall gasoline levels, accompanied by a shrinkage in oil stockpiles at the Cushing, Oklahoma, hub.
Base metals retreated in the previous session due to profit-taking by funds and hedging by producers following a speculation-led rally that sent prices to a multi month high.
Equity markets in Asia rose, following a US tech rally and fresh economic data that rekindled hopes for US interest rate cuts.
Gold
Trading Range: June Fut 70300-71900
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Silver
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Crude Oil
Trading Range: 6870-7050
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Natural Gas
Trading Range: 144-159
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Copper
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Zinc
Trading Range: May Fut 244-256
Intraday Trading Strategy : Buy Zinc mini May Fut at 246.50-246.80 TGT 252 SL 244.80
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