Quote on Gold and Crude for today by Kaynat Chainwala - Senior Manager, Commodities Research – Kotak Securities
Below the Quote on Gold and Crude for today by Kaynat Chainwala - Senior Manager, Commodities Research – Kotak Securities
minutes released yesterday. Dollar index and treasury yields edged higher as the May FOMC meeting minutes showed policymakers agreed that recent disappointing readings on inflation in Q1, along with signs of strong economic momentum, means rates might stay higher for longer. Prospects of higher rates weighed on the non-yielding bullions. For the day, flash PMIs from the western economies coupled with US weekly jobless claims might move the markets.
WTI Crude oil futures extended declines for the third consecutive day and closed near a two month low on Wednesday, following unexpected rise in US crude stocks and hawkish FOMC meeting minutes weighing on the demand outlook. Crude oil inventories in the US rose by 1.825 million barrels during the previous week, after a 2.508 million decrease in the previous period. Meanwhile, Russia said the nation exceeded its crude production commitment for April and will soon present OPEC and its allies with a plan to make up for the extra output. With the current weakness in oil markets, OPEC might extend the output curbs into 2H 2024, when they meet on 1st June.
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