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 saw the third consecutive weekly decline as upbeat US NFP data on Friday aided the sentiments. The much awaited US Jobs report showed that the economy added 272K Jobs in May, the most in 5 months and well above forecasts, while wages also unexpectedly rose, supporting the hawkish outlook for the Fed. For the week, US FOMC meeting and inflation numbers will be in focus. Fresh economic projections and dot plot will be closely watched especially after the backdrop of rate cuts from ECB and BOC last week.
WTI Crude oil futures declined for the third week in a row, amid demand concerns and prospects of higher output from OPEC+ in Q4 2024 even as members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements depending on market conditions. During last week’s meeting, OPEC agreed to extend most of their supply cuts into 2025 but allowed for voluntary cuts from eight member countries to be gradually unwound starting in October. Hotter than expected US jobs data also weighed on the counter. Volatility is expected for the week ahead of key US and Chinese data
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