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 closed marginally higher on Monday after the steep fall of more than 3.5% on Friday post the upbeat Labour report. Data showed that US economy added 272,000 jobs in May, significantly higher than the revised 165,000 in April and well above the expected 185,000. The latest US jobs figures adds leeway for the Fed to delay rate cuts. Markets have scaled back expectations for a Fed easing this year, with investors now pricing a 50% chance of a cut in September. Investors might be cautious ahead of US CPI and FOMC meeting tomorrow. Fresh economic projections and dot plot will be closely watched.
WTI Crude oil futures rose more than 3% at the start of week, on expectations of higher demand and prospects of SPR refilling. US Energy Secretary Jennifer Granholm told Reuters that the nation could hasten the rate of replenishing the Strategic Petroleum Reserve as maintenance on the stockpile is completed by the end of the year. The expectations of rising fuel demand this summer also aids the prices. Despite a slew of crucial economic data from US and China, investors will also be paying attention to the monthly reports from OPEC, IEA and EIA due this week.
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