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Below the Quote on Gold and Crude quote by Kaynat Chainwala, AVP & Analyst Commodities Research, Kotak Securities

Spot gold recovered from a one-week low on Tuesday to settle above $4,065/oz, supported by softer U.S. employment data and caution ahead of several delayed macro releases. U.S. jobless claims rose to 232K in mid-October, while continuing claims increased to 1.9 million, signaling a cooling labor market. Fed commentary was mixed, with Barkin highlighting balanced risks between inflation and employment, while Waller struck a more dovish tone, citing weakening labor conditions and well-anchored inflation expectations. Today, gold extended its gains and climbed above $4,096/oz, buoyed by risk-off sentiment ahead of Nvidia earnings, FOMC minutes, and upcoming official U.S. jobs data.

WTI crude oil prices gained momentum on Tuesday and moved closer to $61/bbl, supported by expectations of tighter sanctions on Russia after the EU’s top diplomat signaled stronger restrictions on Russian energy, saying the recent explosion in Poland should be considered terrorism. Prices also found support from President Trump’s remarks that he was considering various, including unexpected, candidates to potentially replace Jerome Powell as Fed Chair. Today, oil prices slipped below $60.5/bbl as markets turned cautious ahead of the EIA report, following API data showing a large U.S. crude inventory build of 4.4 million barrels for the week ending November 14. However, further downside may be limited as U.S. sanctions on Russian producers Rosneft PJSC and Lukoil PJSC take effect on Friday, along with the possibility of U.S. military action against Venezuela.

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