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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 declined more than 1% on Wednesday, as traders assessed hawkish Fed remarks this week. The Fed Beige Book survey of regional business contacts published yesterday showed that the US economy expanded at a “slight or modest” pace across most regions and consumers pushed back against higher prices since early April. Investors now await the second estimate of GDP figures and US weekly jobless claims later today, as well as the Fed’s preferred US PCE inflation report on Friday for more cues on the policy outlook.
WTI Crude oil futures closed lower on Wednesday, weighed down by growing expectations that borrowing costs could stay higher for longer. Hawkish Fed rhetoric has boosted the dollar and yields, keeping the risk appetite limited. Meanwhile, OPEC is expected to prolong output cuts into the second half of 2024. API inventory data released earlier today showed that stocks of crude oil and gasoline inventories declined by 6.49 million and 452,000 barrels respectively last week, while distillate stocks increased by 2.045 million barrels. Investors now wait for the EIA data later today
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