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Below the Quote on Gold and Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities

Comex Gold (December) fluctuated between gains and losses before closing flat at $2,432 per ounce. Earlier in the session, prices peaked at $2,448 per ounce due to escalating geopolitical tensions in the Middle East and speculation about nearly 100 basis points of rate cuts by the Fed by year-end. However, rising US Treasury bond yields and a strengthening dollar later pressured gold prices, driving them down to $2,418 per ounce. Additionally, China's central bank did not purchase any gold for the third consecutive month in July. Today, Comex Gold remains steady near $2,430 per ounce after five straight sessions of decline, as traders assess global risk sentiment and await key US economic data. Markets will be closely monitoring US initial jobless claims, which are expected to decrease from 249,000 to 240,000, for signs of an economic slowdown.

WTI Crude oil rallied nearly 3% yesterday, closing above $75 per barrel, driven by escalating geopolitical tensions in the Middle East and a decline in US crude stocks. Concerns over supply tightness from Venezuela and Libya are also supporting oil prices. US crude inventories fell by 3.73 million barrels last week, marking the sixth consecutive weekly decline and bringing stockpiles to approximately 429 million barrels, lowest levels since February. Venezuelan President Nicolás Maduro was declared the winner of a controversial presidential election, which has sparked nationwide protests and may prompt the US to consider imposing fresh sanctions. Meanwhile, ongoing protests in Libya have disrupted oil production, leading to the shutdown of the country's largest oil field, Sharara.

Today, WTI Crude holds its sharp gains from yesterday, trading above $75.50 per barrel amid concerns about a potential retaliatory strike by Iran against Israel.

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