Morning Report : Gold prices steadied as investor focus turns to U.S - Swastika Investmart
Precious Metals
Gold prices steadied as investor focus turns to U.S. inflation data due later this week, which could shed more light on the timing of the Federal Reserve's first interest rate cut this year. Fed policymakers indicated they still expected to reduce interest by three-quarters of a percentage point by 2024 end despite recent high inflation readings.
Base Metals
Copper dropped due to expectations that easier monetary policy at home and a strengthening dollar. Copper was also pressured by rising inventories in the warehouses approved by the LME, which were last at 117,900 tons, the highest since Feb. 29.
Energy
Crude oil steadied as investors assessed the impact of recent Ukrainian attacks on Russian refinery capacity. Natural gas dropped due to sluggish demand and a surplus of domestic supply.
Currency
Rupee strengthened rebounding from Friday's record low, aided by likely intervention from the central bank and an uptick in the offshore Chinese yuan.
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