*KEDIA: BULLION LEVELS*
*GOLD* - 49448
*SILVER* - 67300
*GOLD$* - 1869.62
*SILVER$* - 25.94
*KEDIA: DAILY LEVELS*
*MCXBULLDEX* - 15451
*KEDIA: DAILY LEVELS*
*MCXMETLDEX* - 13832
*KEDIA: BASEMETALS LEVELS*
*COPPER* - 614.85
*ZINC* - 214.45
*NICKEL* - 1340.4
*LEAD* - 162.15
*ALUMINIUM* - 163.05
*KEDIA: ENERGY LEVELS*
*CRUDEOIL* - 3894
*NATURAL GAS* - 180.7
*CRUDEOIL$* - 53.13
*NATURALGAS$* - 2.491
MCXBULLDEX yesterday settled down by -0.01% at 15451 as the U.S. dollar eased, reflecting relief over an orderly transition of power and amid bets on increased U.S. government spending under President Joe Biden's administration. Inflation expectations are on the rise, given the very dovish approach from U.S. Treasury secretary nominee Janet Yellen as well as Biden's stance towards fiscal stimulus. The Bank of Japan left its monetary policy unchanged, raised growth projections and noted that risks to both economic activity and prices were skewed to the downside. India's imports of gold contracted 52% YoY in 2020. Certainly, the pandemic and high price did the damage. The last quarter displayed some early hope of demand returning ahead. Euro zone finance ministers pledged continued fiscal support for their economies, while focus in the United States remains on Biden's $1.9 trillion stimulus package proposal. Fed Chair Jerome Powell also said there was no reason to alter the central bank's highly accommodative stance with the U.S. economy still far from its inflation and employment goals. Hedge funds and money managers reduced their bullish positions in COMEX gold contracts in the week to Jan. 12, the U.S. Commodity Futures Trading Commission (CFTC) said. Physical gold in China was sold at a small premium for the first time since early 2020, as demand picked up ahead of the Chinese new year. Technically market is under long liquidation as market has witnessed drop in open interest by -1.89% to settled at 674 while prices down -1 rupees, now MCXBULLDEX is getting support at 15394 and below same could see a test of 15337 levels, and resistance is now likely to be seen at 15529, a move above could see prices testing 15607.
*KEDIA: COMMODITY MARKET UPDATE* -
* Gold prices steadied as the U.S. dollar eased, reflecting relief over an orderly transition of power and amid bets on increased U.S. government spending.
* Silver prices seen supported as the dollar slipped, with investors awaiting the passage of U.S. President Joe Biden's proposed $1.9 trillion dollar stimulus package.
* Crude oil prices fell after data showed U.S. crude stocks unexpectedly rose last week, reigniting worries about pandemic restrictions cutting into fuel demand.
* Natural gas fell on forecasts for mostly mild weather and lower-than-normal heating demand through early February.
* Copper prices advanced as risk sentiment surged on hopes that U.S. President Joe Biden would introduce more economic stimulus into the world's biggest economy
* Zinc dropped on profit booking after prices gained as many enterprises have cut production unexpectedly.
* Nickel gained amid expectations that Biden would deploy further economic stimulus to offset damage caused by the COVID-19 pandemic.
* Aluminium gained as investors' risk appetite improved, optimistic expectations that the US will announce additional fiscal stimulus measures soon