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 Gold prices edged higher at the start of the week, as traders looked ahead to US inflation data that may influence the timing of the Federal Reserve’s pivot to cutting borrowing costs. Escalation in geo-political tensions also support the safe haven demand, following the death of an Egyptian soldier during a clash with Israeli troops. For the day, a slew of Fed officials speeches and US Consumer confidence data will be in focus. Markets will be cautiously looking forward to US PCE price index data later this week, as it is expected to moderate in April.
WTI Crude oil futures rose on Monday, rebounding from a three month low, as investor’s awaited OPEC+ decision this weekend in a virtual meeting. OPEC is widely expected to prolong current supply curbs into 2H 2024, in an effort to stave off a surplus and support crude prices already contending with fragile Chinese economic outlook and rising non-OPEC supplies., gasoline demand is expected to rise from this week as the Memorial Day holiday is typically seen as the start of the peak driving period in the US. Tensions in the Middle East ratcheted higher following the death of an Egyptian soldier during a clash with Israeli troops, which might also provide some support
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Quote on Gold and Crude by Kaynat Chainwala, AVP-Commodity Research, Kotak Securities
