Evening Roundup on Bullion, Base Metals & Energy - May 29, 2020 - Geojit

Global investors remained cautious as their attention shifted to US response to the Chinese parliamentary approval of national security law over Hong Kong. There is a wide range of expectation that US may go back from Phase one trade deal to various sanctions on China. Asian equity indices were little changed. Though European Indices slipped more than 1.00 percent in their opening sessions. Commodities on global and Indian platform seen mixed. The dollar index, a barometer for dollar against the basket of currencies, slipped to more the two-month low.

Precious metals made marginal gains ahead of US response on Hong Kong issues. Spot gold seen steady at $1725 an Ounce, not far from the previous session high. While silver spot seen steady near to $17.50 an ounce. Back home, MCX precious metals moved almost in tandem with global benchmarks.

Crude oil prices clocked down, about to establish first weekly fall in five weeks. However, doubts of a quick recovery in fuel demand and deteriorating relation between US and China also influenced the sentiments. Major benchmarks slipped more than 3.00%, while MCX Crude slipped more than 4.00%.

Industrial metals displayed mixed signals in as investors grew cautious awaiting US response over Honk Kong. Most base metals in London Metal Exchange traded moderately while Zinc rallied higher. A similar movement is witnessed in domestic MCX platform.

Source : Equity Bulls

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