320-x-100_uti_gold.jpg" alt="Advertisement">
Quote On Gold and Crude by Kaynat Chainwala, Senior Manager - Commodity Research, Kotak Securities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Below the Quote On Gold and Crude by Kaynat Chainwala, Senior Manager - Commodity Research, Kotak Securities
COMEX Gold prices declined at the start of the week, after gaining 1.6% during the previous week on signs of cooling inflation in US. Softer inflation numbers and an unexpected surge in US weekly jobless claims improved the conviction Fed might pivot in Q3 2024, despite a hawkish FOMC policy outcome. In the latest comments, Federal Reserve Bank of Philadelphia President Patrick Harker said he views one interest-rate cut as appropriate for this year based on his current forecast, adding he’d like to see “several” more months of improving inflation. Swaps are now pricing in two rate cuts for the year starting November. For the day, US Retail sales, Eurozone CPI and Fed speeches might move the market.
WTI Crude oil futures surged almost 2% and closed at the highest since late May, fueled by optimism surrounding increased demand expected during the summer driving season, heightened geo-political tensions and expectations that major oil producers will keep supply tight. The latest monthly reports from OPEC, EIA and IEA all pointed to robust oil demand growth during 2H 2024. Meanwhile, OPEC members such as Russia and Iraq reaffirmed their adherence to production quotas, and Saudi Arabia indicated a willingness to adjust output in response to market conditions. Tensions in the Middle East also kept a floor under the market
Above views are of the author and not of the website kindly read disclaimer
