The US Fed will decide on interest rates today. The market has little hope of cutting interest rates. The market is expected to cut interest rates in September. Fed has indicated a cut in interest rates twice this year.
Gold continues even today, yesterday it reached a level of $ 3,038 on comex, today the global market witnessed a slight decline from the upper level in the early trade, but is still trading above $ 3030, while the local market is also stable in the local market. Here, prices are getting support due to increasing tension in West Asia. In addition, prices are seen to be increased due to strong flows in gold ETFs.
Prices on Comex reached a level of $ 3,038 an ounce. Prices were supported due to the increase in tension in West Asia. The US economic figures show recession in the economy. Gold is getting support from strong investment in Gold ETF.
Silver prices in the global market also remained close to the level of $ 34, while in the domestic market, prices are seen to be above 1 lakh for the third consecutive day.
In early trade, metals were mixed in the domestic market, which saw a slight decline in zinc, but copper prices in the global market reached close to 10 months high levels, the price raised in the hope of increasing demand after relief package from China.
Prices in the global market reached a 10 -month high. Demand is expected to improve due to relief package from China. The apprehension is getting a force that the US will impose a duty on copper imports.
Crude oil pressure was seen today after a good gain of two consecutive days, where the price of Brent fell below $ 71, while Nymex crude was trading below $ 67 with more than half a percent pressure. Here, prices saw a decrease in the US due to increasing reserves and the possibility of the end of the Russia-Ukraine war.
After two days of rise, prices fell below the upper level. Russia agreed to a one -month ceasefire on energy infrastructure. American crude oil reserves increased by 4.59 million barrels. Trump spoke of continuing the attack on Yemen’s lips. Israeli air strikes on Gaza continue.
In the domestic market, natural gas was trading close to 354 levels with selling of more than half a percent.
If we look at agricultural commodities, prices in the global market reached a month high. The dollar index is getting support from weakness and low sugar production globally. Brazil’s production fell 5.5% year-on-year 5.5% in February. Isma reduced India’s production estimate to 2.4 million tonnes. ISO reduced global production estimates for 2024–25. Global production estimates were reduced from 179.1 million tonnes to 175.5 million tonnes.
