Views on Bullion & Crude: Angel Broking

Mr. Anuj Gupta (DVP - Commodities & Currencies Research, Angel Broking):

"Bullion rallied today on the back of weakness in dollar on account of week US bond yield and expectation of cut in interest rate by US Fed. This weak Gold prices has rallied almost 1.14% to 33300 levels from the low of 32486 levels. Silver also rallied 0.50% almost to 37595 levels from low of 36400 levels. We have also witness rally in bullion last two weak on the geopolitical tension between US and Iran and trade war tension between US and china.

We are expecting Bullion (Gold and Silver) may trade positive in the coming week on rising tension between the nations. Low US Bond yield also supportive for bullion.

Last week crude oil prices fallen almost 2.34% on lower demand from china and rising inventories of crude oil in USA. In this month crude oil prices has test the low of 3522 levels on MCX which is lowest levels after January 2019. Lower Global growth forecast also the reason of less demand of crude oil. Higher inventories may put pressure on the crude oil prices. We expect crude oil prices may trade lower in coming days due to lower demand and higher inventories."

Source : Equity Bulls

Keywords