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Gold Price Forecast: Gold prices were trading flat in India on Tuesday, on weak global cues. On Multi Commodity Exchange, gold August futures were trading lower at …
Crude Oil extended losses as a Covid-19 resurgence in China added to concerns about a global economic slowdown, with the International Energy Agency warning the worst of the energy crisis may be ahead.
Gold extended a decline as the dollar strengthened ahead of US inflation data later this week that could influence the size of the Federal Reserve’s rate hike.
Spot Gold Price Forecast: The combination of diverging forces held back traders from placing aggressive bets and led to subdued price moves for the third successive day on Monday. Nevertheless, the bias still seems tilted in favour of bearish traders as the focus now shifts to the latest US consumer inflation figures, due on Wednesday. Apart from this, the US monthly Retail Sales data and Prelim Michigan Consumer Sentiment on Friday will influence the USD price dynamics. Traders will further take cues from the broader market risk sentiment to grab short-term opportunities around gold.
Top 5 Commodities MCX Weekly Research Report, 11 to 15 July 2022 Weekly, Monthly MCX Live Research Reports Released by Neal Bhai Experts Research Teams, India.
Commodity prices traded lower with most of the commodities in the non-agro segment extending downside as a stronger dollar lowered the bargaining power. Bullion prices declined on market expectations of aggressive FED in the July meeting. Base metals traded weak on lower demand from China along with a stronger dollar. Crude oil prices traded down on slowdown fears and weaker demand expectations.
Brent crude may hover around the current level of $104 a barrel for the remaining part of the current year, but may fall to $98 per barrel next year, investment bank JPMorgan said on Friday. “Under scenarios where supply is constrained, we think oil could rally to $190/380 per barrel as well.