Quote On Gold and Crude by Kaynat Chainwala, Senior Manager - Commodity Research, Kotak Securities
![](https://portfolio.investmentguruindia.com/uploads/news/Gold117117117.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below the Quote On Gold and Crude by Kaynat Chainwala, Senior Manager - Commodity Research, Kotak Securities
Comex Gold closed Friday with more than 1% upside, limiting weekly losses to just 0.6% as tame inflation figures from the US kept the Federal Reserve on track for rate cuts. US core personal consumption expenditures price index, which strips out volatile food and energy items, increased 0.2% mom from May and 2.6% from a year ago in June. Swaps markets are fully pricing a September move, with a chance of two more by year-end. Today, gold prices extended gains for a second day and breached the $2400/oz mark buoyed by safe haven buying amid rising tensions in the Middle East and growing confidence of a rate cut in September.
WTI crude oil slipped 4.6% last week, marking a third consecutive weekly decline as weak demand prospects from top importer China and hopes for a ceasefire in Gaza outweighed the impact of declining U.S. stock levels. Today, oil prices edged higher but trades near six week low at $77.4/bbl as markets assess better than expected Chinese industrial profits, uncertainty regarding Israel-Gaza truce and keenly await OPEC+ meeting due August 1. Official data showed China's major industrial firms made a total profit of 3.51 trillion yuan ($484.1 billion) in the first half of the year, marking a year-on-year growth of 3.5%. Situation in the Middle East worsened after Israel attacked Hezbollah targets on Sunday and threatened further retaliation for an earlier rocket strike that killed 12 children, while continuing to signal it was open to a proposed Gaza truce
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/Isro20.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Broker_88.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/NitinGadkari025.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/broker_86.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Epayment.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/rupee_32.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Gold 102.jpg)