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 continued to trade lower for the third consecutive session on Friday, pressured by the recovery in the US dollar from four-month lows and an increase in US 10-year treasury yields to 4.22%. Furthermore, profit-taking by investors near all-time highs amid concerns over the tariff war with China and other political and geopolitical challenges overshadowed the growing likelihood of interest rate cuts. According to customs data, Swiss gold exports in June fell to their lowest level since April 2022 due to reduced shipments to China and India. Currently, gold prices are trading 1% lower near $2330 per ounce and may hold declines today due to the absence of any key economic indicators, though potentially dovish comments from a few Fed officials later today could mitigate further losses.
WTI crude oil prices surged to $82.80 per barrel yesterday, buoyed by the third consecutive week of inventory declines and increasing optimism about an earlier Fed pivot. Over the past three weeks, US crude oil inventories have dropped by more than 20 million barrels, as reported by the EIA Weekly Petroleum Status Report. Additionally, Bloomberg reported that OPEC+ delegates anticipate the group's upcoming monitoring session next month to be routine, with no changes expected to plans for increasing supply starting in the fourth quarter. Today, WTI crude oil edged lower to $82.02 per barrel as concerns over the lack of significant measures to boost domestic consumption in China's Third Plenum dampened the demand outlook amid expectations of easing OPEC+ supply curbs later this year. The uncertainty surrounding initiatives aimed at addressing structural issues in China's economy during the recent key political meeting could further weigh on demand, following an 11% decline in oil imports in June
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