Quote on Gold and Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities
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Below the Quote on Gold and Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities
COMEX Gold prices saw a weekly decline and plunged more than 1.5% on Friday after the US flash PMIs surpassed expectations, with the Manufacturing PMI rising to a three month high. Earlier gold prices rose amid heightened geo-political tensions and as weak Retail sales data reinforced Fed rate cut bets. A slew of Fed officials have also recently emphasized the need for more evidence of cooling inflation before lowering interest rates. For the week, US PCE price index, Final GDP and speeches from Fed officials will be in focus.
WTI Crude oil futures saw a second consecutive weekly gain and closed more than 3% higher during the previous week, amid an increase in geo-political risk premium. Data released on Thursday showed that US crude stockpiles declined by 2.547 million barrels last week, exceeding forecasts for a 2 million barrel draw. US gasoline and distillate stocks also experienced surprise drawdowns, indicating robust energy demand. Meanwhile, according to AAA, more Americans are expected to travel in US during the peak driving season, lifting gasoline demand. Oil prices steadied in early Asian trading amid a stronger greenback.
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