BULLION:-
A
slightly firmer dollar weighed on gold on Thursday, but prices were expected to
continue to rebound in coming weeks from the steep losses earlier this month.
We have become more positive for gold. Although we have quite high conviction
for higher prices in the medium and long term, we see a little bit of a
challenge in the short term as long as the dollar remains strong," said
analyst Carsten Menke at Julius Baer in Zurich. Data showing
higher-than-expected annualised growth in second-quarter U.S. gross domestic
product cemented expectations for a rate hike next month, with a 96 percent
robability, according to Fed funds futures. gold has been trading within an $8
range over the past two sessions, with investors keenly watching the
psychological $1,200 level after the metal broke below that mark and hit a
1-1/2-year low of $1,159.96 early this month. The greenback's strength against
the yuan was making bullion expensive for buyers in the world's biggest
consumer China on Thursday, traders said. prices are headed for a fifth
straight monthly fall, the metal's longest losing streak since early 2013.
ENERGY:-
Brent has risen by almost 10
percent over the past two weeks on widespread perceptions that the global oil
market is tightening and could run short in the next few months as U.S.
sanctions restrict crude exports from Iran. Iranian crude exports are likely to
drop to a little more than 2 million barrels per day (bpd) in August, against a
peak of 3.1 million bpd in April, as importers bow to American pressure to cut
orders. oil market is once again tightening," said Giovanni Staunovo, analyst
at Swiss bank UBS in Zurich. "Iranian oil export declines are already
visible well in advance of U.S. oil-related sanctions, hich enter into force in
November. The Organization of the Petroleum
Exporting Countries, in which Iran is the third-biggest producer, will discuss
in December whether it can compensate for a sudden drop in Iranian supply after
sanctions start in November, the head of Iraq's state oil marketer SOMO, Alaa
al-Yasiri, said on Wednesday. exports from crisis-struck OPEC member Venezuela
have also fallen sharply, halving in recent years to about 1 million bpd. U.S.
oil inventory data on Wednesday also helped the bullish trend.
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