Quote on Gold and Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities
![](https://portfolio.investmentguruindia.com/uploads/news/Gold 31 oct.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below the Quote on Gold and Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities
COMEX gold (December) hit an all-time high of $2,549.99 per ounce today, extending gains from Friday, when weaker US housing data fueled speculation about larger and faster rate cuts. Gold prices closed last week at $2533.70 per ounce, staging a sharp rebound from below $2,470 per ounce hit after mixed US data, stronger retail sales and lower unemployment claims, hinted at a potentially less dovish Federal Reserve stance and prompted a shift from expectations of a 50 basis point rate cut to a more modest 25 basis points. Today, COMEX gold pulled back to $2,541 per ounce after earlier hitting an all-time high, as markets await US jobless claims and Fed Chair Jerome Powell’s keynote speech at the Jackson Hole Symposium for guidance on the Fed’s monetary policy.
WTI crude oil prices surged above $80 per barrel earlier last week due to Israel’s heightened military alert and the US deploying a guided missile submarine to the Middle East. However, prices pulled back with focus shifting to OPEC and IEA’s downward revision of demand growth forecasts amid weaker expectations for China. Losses in oil prices deepened on Friday to $75.50 per barrel following reports of US President Biden’s diplomatic efforts to delay Iranian and Hezbollah retaliation against Israel. Today, WTI crude oil trades near $76.50 per barrel as markets monitor US diplomatic efforts to secure a cease-fire between Israel and Hamas, and anticipate whether Iran will comply with Qatar’s request to hold off attacks on Israel during ongoing Gaza ceasefire talks.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/aug23v72.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/aug23v29_f9db8bl.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/aug23v25_c0YkOht.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Foxconn23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Krishna Appala.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/aug23v2.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Nirmala2024.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/aug23v15_5D0ps03.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/RBI 27 oct.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Amol Athawale.jpg)