Quote on Crude and Gold 30th June 2025 by Kaynat Chainwala, AVP - Commodity Research, Kotak Securities
Below the Quote on Crude and Gold 30th June 2025 by Kaynat Chainwala, AVP - Commodity Research, Kotak Securities
COMEX gold slipped below $3,270/oz last week, closing 3% lower and marking its second consecutive weekly decline on reduced safe haven bids easing geopolitical and trade tensions, which reduced safe-haven demand. Additionally, Fed's hawkish stance, amid inflation risks from tariff pressures, weighed further on prices. Today, gold remains under pressure, trading near $3,300/oz, as renewed optimism over global trade negotiations lifted risk sentiment. In a positive development, Canada has withdrawn its digital services tax on tech firms to help revive trade talks with the US, with both countries now aiming to finalize a deal by July 21. The US is also reportedly close to trade agreements with Mexico and Vietnam, while discussions with India and Japan continue and the EU remains optimistic about reaching a deal by the July 9 deadline.
WTI crude posted a 12% weekly decline, its steepest since 2023, pulling back from a five-month high of $78.4/bbl, as the Israel-Iran ceasefire eased concerns over potential supply disruptions. However, prices held above $65/bbl, supported by a significant decline in U.S. crude and product inventories and President Trump's renewed push for maximum pressure on Iranian oil exports. Market sentiment was also buoyed by a U.S.-China trade truce and expectations of further stimulus from China. Today, oil prices continue to slip, as markets remain cautious ahead of the OPEC+ meeting on July 6, where another 411,000 bpd output increase will be discussed. However, downside may be limited by progress in US-Canada trade talks and skepticism over the stability of the Israel-Iran ceasefire
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Evening Track : Gold Tumbles on US ?China trade deals and Mideast Ceasefire; Crude Oil recov...
