Quote on Gold and Crude Quote for today by Kaynat Chainwala - Senior Manager, Commodities Research - Kotak Securities.
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Below the Quote on Gold and Crude Quote for today by Kaynat Chainwala - Senior Manager, Commodities Research - Kotak Securities.
Comex gold closed higher for the second consecutive session on Wednesday supported by a weaker dollar. Fed Chair Powell said that central bank doesn’t need inflation below 2% before cutting rates, fueling bets of a September rate cut. Now, investors await US CPI data due later today for fresh cues on the Fed’s timing of interest rate cuts. Bloomberg estimates US CPI to show a modest 0.1% increase in June and Core CPI is expected to rise 0.2% in June for a second month, marking the smallest back-to-back gains since August. Gold prices are currently trading above $2380/oz and may witness further upside if US CPI report meets expectations, potentially cementing the chances of a September rate cut.
WTI Crude oil futures gained steam yesterday as EIA reported an inventory draw of 3.4 million barrels for the week ending July 5, following a massive drop of 12.2 million barrels for the previous week, suggesting robust summer fuel demand. Also, rising prospects of two Fed rate cuts this year coupled with positive demand outlook by both EIA and OPEC for this year supported prices which fell below $81/bbl earlier in the session. EIA raised its 2024 demand estimate to 1.11 million bpd from 1.08 million bpd and OPEC maintained its oil demand growth forecast of 2.2 million bpd for 2024. Oil prices have extended gains and currently trades near $83/bbl but sharp upside may be limited ahead of IEA monthly report and US inflation figures due later today
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