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Oil prices rose in Asian trade on Thursday, extending recent gains as weakness in the dollar ahead of key U.S. inflation data benefited price, while bets on tighter global supplies remained in play.

The dollar nursed steep losses this week, with focus turning largely towards upcoming consumer price index inflation data for more cues on U.S. interest rates. Data showing an unexpected draw in U.S. oil inventories supported crude markets, although an outsized build in distillates limited overall optimism over tighter supplies. Weak inflation data from top oil importer China also dented sentiment towards oil.

Oil prices benefited from a weaker dollar, as the greenback retreated after Federal Reserve Chair Jerome Powell flagged said the U.S. economy was still headed for a soft landing.

Global physically backed gold exchange traded funds (ETFs) have lost $6.7 billion in the first half of calendar year 2024 (H1-CY24), suffering their worst first half in a calendar year since 2013, said a recent note by World Gold Council (WGC). Total holdings, the report said, have dropped by 120 tonnes (3.9 per cent) to 3,105 tonnes during this period.

Gold

Trading Range: Aug Fut 72700-73600

Intraday Trading Strategy : Buy Gold Aug Fut above 72975 and Avg at 72800, TGT 73300/73600 SL 72700

Silver

Trading Range: Sep Fut 93400-94800

Intraday Trading Strategy: Buy Silver Sep Fut Above 93780 and Avg at 93500, TGT 94400/94800, SL 93400

Crude Oil

Trading Range: Jul Fut 6850-7025

Intraday Trading Strategy: Buy Crude Oil Jul Fut at 6910-6890, TGT 6980-7025, SL 6850

Natural Gas

Trading Range: Jul Fut 185-195

Intraday Trading Strategy: Sell Natural Gas Jul Fut below 192, Avg at 193.5, TGT 188/185 SL 195

Copper

Trading Range: July Fut 865-890

Intraday Trading Strategy: Buy Copper July Fut at 873-868, TGT 883/890 SL 865

Zinc

Trading Range: July Fut 212.80-222

Intraday Trading Strategy: Buy Zinc July Fut at 275.80-274, TGT 281-285, SL 272

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