Quote on Gold and Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities
![](https://portfolio.investmentguruindia.com/uploads/news/GOLD 333.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 prices traded within a narrow range on Tuesday, rebounding from a session low of $2,538 per ounce before closing slightly lower at $2,552 per ounce as investors largely ignored better-than-expected US economic data, which pushed the US dollar to a fresh 13-month low following Fed Chair Jerome Powell's indication that the time for lowering interest rates has arrived. While US consumer confidence improved slightly in August, traders are focusing on key upcoming data, including the core PCE Price Index and Q2 GDP figures, for new insights into US economic health. Rising geopolitical tensions, particularly the escalating Israel-Hezbollah conflict, also bolstered gold prices as a safe-haven asset. Today, COMEX Gold is trading above $2,550 per ounce, supported by the FOMC meeting minutes which reinforced expectations of a September rate cut as it showed that directors at the Federal Reserve Banks of New York and Chicago had backed a quarter-point rate reduction in July.
WTI crude oil prices saw significant volatility, erasing gains from the previous session and closing 2.5% lower at around $75.50 per barrel, near the session's low. This decline was fueled by demand concerns owing to sluggish economic growth in the US and China, overshadowing potential supply disruptions from the Middle East. However, oil prices stabilized above $75.60 per barrel today, supported by expectations of an eighth weekly decline in US inventories in the last nine weeks, as the API forecasted a 3.4 million-barrel drop in nationwide stocks last week. Additionally, the start of a shutdown in Libya poses supply risks, with production at the El-Feel field in southwestern Libya reportedly ceasing and local operators indicating a gradual halt in nationwide pumping.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/KaranAdani025.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/hydroelectric025.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar retures 2.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/oil02365.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Disney_123.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/sbi025.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Paytm_159.jpg)