Gold prices edged lower on Thursday as investors held back from placing big bets ahead of US non-farm payrolls data that could influence the Federal Reserve’s interest rate trajectory as markets awaited this year’s final policy-setting meeting.
Commodity News
Get latest Commodities News,Commodities Market News,News Commodities India,Latest Gold rate in India,gold price in rupees,news on Commodity Market,Silver price charts,Commodity prices and data on Silver,Gold,Crude Oil,MCX India,gold prices,copper and more on Commodity Market India.
Crude Oil Technical Analysis: First signs not good
Crude Oil price might be undergoing a gruesome disappointment if OPEC+ is unable to overdeliver on market expectations. With several analysts penciling in a delay between three to six months, OPEC+ is forced to at least deliver a 6 months production normalization delay. Preferably even longer, with anything less than 6 months set to push Oil prices further down ahead of President-elect Donald Trump’s presidency.Â
Spot Silver Loses Grip Below $31.50
The Spot silver price drifts lower to around $31.20, snapping the two-day winning streak during the early European session on Thursday. The cautious stance on cutting rates by the Federal Reserve (Fed) weighs on the white metal.Â
Gold price awaits US NFP report on Friday for some meaningful impetus
Gold price News: Expectations for a less dovish Federal Reserve (Fed) trigger a modest bounce in the US Treasury bond yields and cap the upside for the non-yielding Gold price. In fact, comments from several FOMC members on Wednesday, including Fed Chair Jerome Powell, suggested that the US central bank will adopt a cautious stance on cutting rates. This warrants some caution before placing aggressive directional bets around the Gold as traders await the US Nonfarm Payrolls (NFP) report on Friday.
Gold Futures Rise as December Fed Rate Cut Priced In
Gold futures rise, finding some support after a volatile month. Futures are up 0.3% at $2,646.60 a troy ounce. The precious metal has gained as the U.S. Federal Reserve appears likely to continue interest-rate cuts at its December meeting, ING analysts write.
Gold is rising again. Is now the time to invest in it for big returns?
The last few weeks have been a roller coaster ride for gold. A breathtaking rally to new highs followed by a bone-crunching decline in double quick time. The volatility could spook an average investor. But as Colonel Hannibal Smith (Liam Neeson) often advocates in the Hollywood blockbuster The A-Team – “no matter how random things may appear, there is always a plan!” Nothing happens in financial markets without a reason, and the reason is always financial. The wild ride in gold is going as per plan. The plan is to shake off weak hands and accumulate gold on declines.
MCX Copper sees Huge Surge as Expected, 811 To 830
Copper Outlook: China’s refined copper output in the first nine months rose 5.4% year-on-year to 10.04 million tons, reflecting stable domestic production. The global refined copper market showed a surplus of 54,000 metric tons in August, down from 73,000 metric tons in July.