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CS MCX Commodity Evening mkt updates


Gold prices edged higher on Friday and were on track for their best week in 15, as the dollar weakened on renewed speculation of an imminent pause in the U.S. Federal Reserve’s tightening cycle. Markets now await U.S. nonfarm payrolls data, expected at 0830 ET (1330 GMT), for clues about the health of the world’s biggest economy which could influence the Fed’s monetary policy. “Gold investors will be looking towards the (U.S. nonfarm) payroll data for indications on the Fed’s monetary policy stance,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore, adding that investors will take speculative positions ahead of the data. Gold participants were hopeful after the Wall Street Journal reported that Federal Reserve officials were considering whether to signal a new wait-and-see mentality after a likely interest rate increase at their meeting in December. is sensitive to monetary policy changes,” said Mark To, the head of research at Wing Fung Precious Metals in Hong Kong. “If there is a slowing down in interest rate hikes, I think by the end of this year $1,250 to $1,260 should be easily reachable for gold.” Asian shares fought to sustain the slimmest of recoveries as the arrest of smartphone maker Huawei’s chief financial officer further soured Sino-U.S. relations. Gold-backed exchange-traded funds registered inflows in all the world’s major regions in November, as volatile stock markets fuelled flight-to-safety buying, the World Gold Council said on Thursday.


Brent oil futures edged higher on Friday after Russia seemed likely to contribute a bigger output cut to an OPEC and non-OPEC deal, but Saudi Arabia voiced pessimism on whether an agreement could be reached as Iran insisted on an exemption. The slight recovery came after crude slumped by almost 3 percent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply. appeared on Friday to be the main obstacle for an OPEC deal to cut oil production, as the group’s leader Saudi Arabia had yet to agree exemptions for sanctions-hit Tehran, two OPEC sources said. Energy Minister Khalid al-Falih said he was not confident a deal could be reached. OPEC also wants to get Russia on board with cuts. Russian energy minister Alexander Novak returned to Vienna on Friday after discussing OPEC with Russian President Vladimir Putin in Moscow. said on Friday Russia would seek an agreement with OPEC and non-OPEC producers and a Russian Energy Ministry source said Moscow was ready to contribute a cut of around 200,000 bpd, up from the initial 150,000 bpd previously floated. delegates have been pushing for Moscow to cut around 250,000 bpd. Analysts noted a big cut would be needed to reverse recent price falls and Russia’s volume was key to this. “Reversing the overwhelmingly bearish price sentiment will likely require a credible and cohesive message from the OPEC meeting,” U.S. investment bank Jefferies said on Friday. Oil producers have been hit by a 30 percent plunge in crude prices since October, as supply surges just as the demand outlook weakens amid a global economic slowdown. output from the world’s biggest producers – OPEC, Russia and the United States – has increased by 3.3 million bpd since the end of 2017 to 56.38 million bpd, meeting almost 60 percent of global consumption.

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