US-China tension is extra burden for Gold (Yellow Metal)— Other than the United States data and monetary policy moves at the European Central Bank (ECB), as well as at the Bank of England (BoE), the latest geopolitical tension surrounding the US and China also exerts downside pressure on the Gold price.
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Import duty on gold reduced from 12.50% to 10% (Gold Import Duty 2023)
Import duty on gold: Gold prices plunged over Rs 2,100 on Monday after the Union Finance Minister Nirmala Sitharaman announced the changes in customs import duty rate for precious metals.
SRF Up As Board Approves Capex Proposal
Shares of SRF gained on Tuesday after its board approved capital expenditure proposal.
Crude oil price likely to reach $102 per bbl in 2023
Crude Oil prices could see better 2023 than 2022. We believe the price will sustain above $90 as money managers have increased their long position after Brent breached $80 on the back of expectation of increased oil demand from China and rest of the world.
Gold May Halt After Rally, But $1,918 Is Strong Support
Gold price (Yellow Metal) retreats from a nine-month high as bulls await the key US data/events for further directions while aiming for the fresh multi-month peak surrounding the mid-$1,900s.
Further Decline in Natural Gas Futures
CME Group’s flash data for natural gas futures markets noted open interest reversed the previous daily drop and went up by around 4.3K contracts on Tuesday. On the opposite side, volume partially faded the previous daily build and shrank by around 91.6K contracts.
