Quote on Gold and Crude 03rd October 2025 by Kaynat Chainwala, AVP Commodity Research, Kotak Securities
Below the Quote on Gold and Crude 03rd October 2025 by Kaynat Chainwala, AVP Commodity Research, Kotak Securities
Spot Gold prices retreated on Thursday, pulling back from a record high of $3,896.9/oz to close at $3,856.6/oz as traders booked profits following a five-day rally. Despite the pullback, bullion remains supported by safe-haven demand and expectations of lower interest rates, though some caution is emerging. Dallas Fed President Logan emphasized that while last month’s rate cut served as insurance against labor market weakness, further cuts should be approached cautiously. The ongoing U.S. government shutdown continues to impact economic data releases, delaying key reports such as the US Nonfarm Payrolls. Today, spot gold edged higher to $3,867/oz and is poised for a seventh consecutive weekly gain as US private jobs data suggest a sluggish labor market, keeping the odds of a Fed rate cut this month near 100%, amid uncertainty surrounding the official government payroll report.
WTI crude oil prices extended their decline for the fourth consecutive session on Thursday, hitting a four-month low of $60.4/bbl amid growing fears of oversupply ahead of this weekend’s OPEC+ meeting and signs of weaker US demand. Throughout the week, oil prices have been pressured by concerns over the US government shutdown and a contraction in Chinese factory activity for the sixth straight month in September. Additionally, the EIA reported a rise in US oil inventories by 1.8 million barrels to 416.5 million barrels for the week ending September 26. Today, WTI crude attempted a modest recovery, briefly surging above $61/bbl. However, any sharp upside may be limited due to speculation that OPEC+ could significantly increase production in November, potentially worsening the supply glut. Oil prices are likely to remain volatile, with the G7’s pledge to tighten sanctions on buyers of Russian crude potentially curtailing supply flows and adding a layer of uncertainty.
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