Quote on Gold and Crude 30th july 2025 by Kaynat Chainwala, AVP - Commodity Research, Kotak Securities
Below the Quote on Crude and Gold 29th July 2025 by Kaynat Chainwala, AVP - Commodity Research, Kotak Securities
COMEX August gold futures edged up 0.4% on Tuesday to close at $3,324/oz, attempting a recovery after four straight sessions of losses. The rebound was supported by a decline in US Treasury yields and weaker labor market data. The June JOLTS report showed job openings fell to 7.437 million, well below estimates and down from May’s 7.769 million, highlighting growing corporate hiring caution amid tariff and economic uncertainties. Despite soft labor data, July's Consumer Confidence index rose to 97.2, beating expectations. However, gold’s upside was capped as risk appetite improved following remarks by US Treasury Secretary Bessent confirming ongoing tariff truce talks with China. Today, gold is trading flat near $3,325, as investors await a slate of key US data including Q2 GDP, ADP employment, pending home sales, and FOMC interest rate decision. While the Fed is widely expected to keep rates unchanged, markets are closely watching for guidance on the policy outlook, especially amid intense political pressure and mixed economic signals.
WTI Crude oil prices surged 4% on Tuesday to $69.80/bbl after President Trump shortened the deadline for Russia to show progress on Ukraine ceasefire talks. He warned of potential tariffs and secondary sanctions if no agreement is reached within 10 days, heightening concerns over possible supply disruptions. Market sentiment was also lifted by optimism over the extension of the US-China trade truce, following a trade agreement between the US and the European Union that helped avert a trade war between two of the world’s largest economic partners. Today, oil prices are holding firm above $69/bbl, supported by sustained US pressure on Russia. However, traders are expected to remain cautious ahead of the release of the EIA inventory data, key US economic indicators, and the FOMC policy statement later in the day. API reported US crude inventories rose by 1.539 million barrels for the week ending July 25, contrary to expectations of a 2.3 million barrel draw in the upcoming EIA report.
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