IGI Logo

GLOBAL MARKET ROUND UP

Gold prices in the international market slightly rose on Tuesday ahead of key US economic data due later this week, which is forecast to support the case for rate cuts this year. However, in domestic markets, gold prices tumbled more than 5.0% after Finance Minister Nirmala Sitharaman announced a cut in customs duty on gold and silver to 6%. Crude oil prices edged higher after declining nearly 3.50% in the previous session, supported by an industry report that indicated that US crude inventories fell for a fourth week. The API reported stockpiles shrank by 3.86 million barrels, with a drop also seen at the Cushing, Oklahoma, hub. Natural gas futures fell for the first time in four sessions, giving back half of the previous day's strong gains due to rising output and an ongoing oversupply of gas in storage. Copper fell for the seventh straight session, to its lowest level since early April, due to concerns that Chinese demand for industrial metals is weakening. Meanwhile, aluminum steadied near the lowest in four months as traders shrugged off China’s new emissions reduction plan for domestic smelters, which could lead to capacity cuts. On the macro front, later this week, US second-quarter GDP data and the core personal consumption expenditures price index data should offer clues on the path forward for rate cuts by the country’s central bank.

Gold

Trading Range:

68300-69350

Intraday Trading Strategy:

Buy Gold Mini Aug. at 68900-68925 SL 68600 Target 69380

Silver

Trading Range:

84500-87200

Intraday Trading Strategy:

Sell Silver Sept Fut at 85700-85750 SL 86405 Target 84750/84500

Crude Oil

Trading Range:

6365 to 6550

Intraday Trading Strategy:

Sell Crude Oil Aug Fut 6475 SL 6519 Target 6380

Natural gas

Trading Range:

165 to 188

Intraday Trading Strategy:

Sell Natural gas July Fut at 182-184 SL 188 Target 174.0

Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795

SEBI Registration number is INZ000171337