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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 pared early gains and closed lower on Tuesday, tracking gains in the greenback amid hawkish comments from Fed official. Fed Reserve Bank of Minneapolis President Neel Kashkari on Tuesday said it was likely the central bank would keep rates where they were “for an extended period of time” and declined to rule out future hikes. Markets now show a 68% chance of a rate cut in September, according to CME's FedWatch Tool. Elsewhere, China’s central bank topped up its gold reserves for an 18th straight month in April, though at a slower pace. In the absence of any major economic events, Fed speeches will be in focus.
WTI Crude oil futures declined on Tuesday after Russian Deputy Prime Minister Alexander Novak reiterated that OPEC+ has the option of increasing oil production. Oil traders largely looked past escalating tensions in the Middle East. In the monthly STEO, EIA estimated a balanced market in 2024 as ongoing production from non-OPEC countries like US, Brazil will offset the cartel’s recent production cuts. API inventory data released earlier today showed that stocks of crude oil in US went up by 0.509 million barrels during the previous week, the smallest weekly gain in crude oil inventories since early March and investors keenly await EIA data later today
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