Quote On Gold and Crude by Kaynat Chainwala, Senior Manager - Commodity Research, Kotak Securities
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Below the Quote on Gold and Crude by Kaynat Chainwala, Senior Manager - Commodity Research, Kotak Securities
“COMEX Gold prices eased on Tuesday after notching a fresh record high of $2454.2 per troy ounce on the previous day, as investors await more clues on Fed policy path. Still, the metal is up more than 15% this year, aided by geo-political risks, robust Chinese demand (both investment and central bank), Fed pivot bets and sharp rise in speculative buying (with net longs near a four year high). Swaps are now pricing in a quarter point rate cut for November 2024. US- China trade tensions and the ambiguity in the death of Iranian President might provide some cushion. For the day, FOMC meeting minutes might be in focus.
WTI Crude oil futures extended declines for the second day as markets weighed the possibility of higher rates this year, weighing down on the demand outlook. Meanwhile, the premium on prompt Brent contracts has narrowed to a marginal 10 cents per barrels. The loosening of the physical markets might encourage the OPEC+ to extend the 2 mbpd of supply cuts into 2H 2024, when they meet on 1st June. Oil prices eased in early Asian trading after the API data showed stocks of crude oil in the US increased by 2.48 million barrels during the previous week, ahead of the EIA inventory data.”
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