Quote On Gold and Crude by Kaynat Chainwala, Senior Manager - Commodity Research, Kotak Securities
Below the Quote On Gold and Crude by Kaynat Chainwala, Senior Manager - Commodity Research, Kotak Securities
Comex May Gold Futures reached a record high of $3,177 per ounce on Tuesday, as concerns over a potential trade war and a weaker economic growth outlook, boosted safe-haven bids. However, prices retreated from their peak, closing the session at $3,146 per ounce as the dollar remained steady above 104, despite weaker US economic data. The JOLTS job openings fell more than expected to 7.568 million in February, and the ISM Manufacturing PMI saw its sharpest decline in four months, dropping to 49.3. Traders are now focusing on the impact of upcoming tariffs on trade. Today, gold is trading around $3,150 per ounce, as investors await the implementation of US "reciprocal" tariffs and the release of the US private jobs report.
WTI Crude Oil surged above $72 per barrel yesterday, driven by concerns over potential supply disruptions from Russia and Iran. US crude oil production fell by 305,000 barrels per day in January, reaching a 15-month low of 13.15 million bpd. However, oil prices pulled back from five-month highs, closing 0.4% lower at $71.20 per barrel as markets weighed the potential impact of a global trade war on fuel demand. Furthermore, OPEC+ began unwinding its voluntary production cuts of 2.2 million barrels per day in April and may decide to continue this trend in May at the OPEC+ ministerial committee meeting on April 5. Today, oil prices are holding steady amid concerns about the global economic outlook, exacerbated by the potential impact of President Trump’s reciprocal tariffs
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