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 recouped early losses after the much awaited FOMC policy meeting, during which the Federal Reserve kept the target range for the fed funds unchanged at 5.25%-5.50% for the sixth consecutive time, as ongoing inflationary pressures and a tight labor market indicate a stall in progress toward bringing inflation back down to its 2% target this year. Disappointing data released earlier yesterday showed US Job openings tumbled to a three year low, while the ISM Manufacturing PMI contracted to 49.2 in April, from 50.3 in March. The meeting was perceived as less hawkish, which might provide some tailwind to gold prices.
WTI Crude oil futures extended declines for the fourth consecutive day and plunged almost 3% on Wednesday, amid demand concerns owing to higher interest rates, unexpected storage build and easing tensions in middle-east. EIA inventory data showed that US crude stockpiles jumped by 7.3 million barrels last week. Meanwhile, OPEC’s crude production steadied in April, at 26.81 mbpd, about 50,000 bpd less than March, as minor increases by Libya and Iraq were offset by reductions in Iran and Nigeria. With improving stability in middle-east, we might see weakness in prices.
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