Powered by: Motilal Oswal
2025-07-08 04:46:16 pm | Source: Kotak Securities Ltd
Quote on Gold - Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities
Quote on Gold - Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities

Below the Quote on Gold - Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities

 

Comex August gold futures recovered from losses made earlier in the session to close flat on Monday, settling above $3,342 per ounce, buoyed by renewed trade war concerns. Sentiment shifted after President Trump issued preliminary trade letters to South Korea and Japan, threatening 25% tariffs effective August 1. He also proposed a 10% tariff on countries aligned with the BRICS bloc, including China, India, and Brazil. Further support came from continued central bank demand, as China’s central bank added 70,000 troy ounces to its reserves in June, marking its eighth consecutive monthly purchase, according to Bloomberg. Gold had earlier dipped to a one-month low of $3,305 on a stronger U.S. dollar. Today, prices are trading steady near $3,345, supported by tariff jitters and as investors await key cues from this week’s FOMC meeting minutes, Fed speakers, and US jobless claims data.

 

WTI crude oil surged 1.4% on Monday to close near $68 per barrel, lifted by Saudi Arabia’s decision to raise its official selling prices (OSP) for Asia and Europe. The move reflects Riyadh’s confidence in stronger global demand, particularly from Asia, and a seasonal rise in domestic consumption during peak summer months. Geopolitical risks also added to the upside, following a second Houthi attack on a commercial vessel in the Red Sea in less than 24 hours, underscoring persistent threats to one of the world’s most critical transit corridors. However, oil prices edged lower today to $67.60/bbl as markets assessed Trump's proposed tariffs and growing speculation that OPEC+ may announce a 550,000 bpd supply hike for September, fully reversing the 2.2 million bpd in cuts maintained since 2023

 

Above views are of the author and not of the website kindly read disclaimer

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here