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 rose almost 1% on Monday, amid a weak greenback and treasury yields following disappointing jobs data last week. The April Jobs data showed weak job additions, higher unemployment rate and ease in average hourly earnings. This came after Fed chair Jerome Powell’s dovish comments at the May FOMC policy meeting, hinting at potential rate reductions later this year. Markets now show a 64% chance of a rate cut in September, according to CME's FedWatch Tool, aiding the demand for non-yielding bullions.
WTI Crude oil futures snapped a six day of losing streak and slightly edged higher by almost 1% on Monday, as ceasefire talks between Israel and Hamas appeared to have stalled, with Israel pressing ahead with strikes in the southern Gaza city of Rafah. Even though Hamas agreed to a ceasefire proposal on Monday, Israel said the terms did not meet its demands. Further boost came from Saudi Arabia raising the OSP for its crude sold to Asia, Northwest Europe and the Mediterranean in June on the back of a strong demand outlook this summer. Still, oil prices are hovering near a five month low as investors weigh a possible resolution in middle-east.
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