15-05-2024 03:52 PM | Source: Kotak Securities Ltd
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 gained almost 1% on Tuesday, after the US producer prices data showed that core and headline prices were both ahead of expectations in April, but there were significant downward revisions to March, tempering concerns about sticky prices. Meanwhile, Fed Chair Powell reiterated that inflation is decreasing more slowly than anticipated, which will keep the central bank on hold for a prolonged period. Geo-political tensions also remained high in middle-east and Europe. Markets are now prepared for the latest US CPI report that is expected to show that core consumer prices moderated in April. 

WTI Crude oil futures eased on Tuesday as the latest OPEC monthly report showed that the cartel exceeded their agreed limit by pumping an additional 568,000 bpd last month. Despite this, OPEC remains optimistic about global oil demand, projecting a rise of 2.25 mbpd in 2024 and 1.85 mbpd in 2025. Oil prices recouped some losses in early Asian trading after the API report showed inventories declined by more than 3 million barrels and wildfires in Canada threatened the country's oil sands industry. Investors await EIA data later today.”


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