Quote on Gold and Crude 06th Aug 2025 by Kaynat Chainwala, AVP - Commodity Research, Kotak Securities

Below the Quote on Gold and Crude 06th Aug 2025 by Kaynat Chainwala, AVP - Commodity Research, Kotak Securities
Comex gold futures closed above $3,430 per ounce with modest gains on Tuesday as weaker than expected US services PMI following dismal jobs numbers supported growing expectations of a Fed rate cut. ISM Services PMI for July fell to 50.1, lower than 50.8 in June and missing forecast of 51.5, indicating further weakening in employment and rising input costs. Today, Gold prices steadied near $3,430 today and holds steady near a two week high supported by rising haven demand on concerns over a potential US economic slowdown and rising bets on lower interest rates. Traders now look forward to U.S. jobless claims, consumer sentiment figures, and key Fed speeches later this week.
WTI crude fell 1.7% on Tuesday, marking its fourth straight daily decline, to close at $65 per barrel, its lowest level in nearly two weeks, amid renewed fears of a supply glut, driven by higher-than-expected OPEC+ production and persistent trade-related uncertainties. Today, WTI edged slightly higher to $65.60 per barrel ahead of the official EIA inventory report, as API data showed a larger-than-expected 4.2 million barrel draw in U.S. crude stocks for the week ending August 1. Besides, traders eye the August 8 deadline set by President Trump for a truce with Ukraine, with potential U.S. sanctions on Russian oil exports looming if no agreement is reached.
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Quote On Gold and Crude by Kaynat Chainwala, Senior Manager - Commodity Research, Kotak Secu...


