Gold prices may continue to remain subdued for some more time, as the dollar is expected to be on the stronger side.
Bullion prices traded under pressure with rise in US bond yields despite of weaker dollar on strong equity indices. The strong equity indices on economic growth optimism pushed bullion prices down for the day.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.19 per cent to 90.
Traders are advised to maintain a cautious approach as gold is expected to trade with a sideways to lower bias.
WTI oil prices are expected to move higher towards $62/bbl in a month time frame, while MCX oil futures might move higher towards Rs 4,500/bbl in the same time frame.
Global petroleum stocks have fallen by almost 600 million barrels since May 2020, after rising by over 1.2 billion barrels in the previous five months as a result of the epidemic and lockdowns.
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The next couple of weeks are going to be very critical.
Has there been a change in the fundamentals or is it just the speculative mode of investors driving the metal's prices?
The United States, which accounts for just 4 per cent of the global population, had 20 percent of all corona deaths was at the core focus as the country was hit by a second wave of the virus, resulting in much more deaths than the first wave.
MCX natural gas prices were up 17 per cent in 2020, settling at Rs.182.1 per MMBTU on December 31.
For more permanent comfort, India must reduce its vulnerabilities to commodity prices by producing more in India. Not just in 2021, but in every year from now.
OPEC+ will further ease its supply restrictions in January by adding an extra 500,000 barrels per day, although the easing is more gradual than previously agreed, to provide additional support to the market.
Factors like lower interest rates, negative US real yields, hopes over mega stimulus packages to overcome the impact of Covid-19 and the trajectory of the dollar index will remain in focus for the next 6-12 months.
There is no change in the policy of central banks going into the New Year and rising Covid infections is a cherry on cake for global investors to increase their interest in the yellow metal.
Let’s find out what is bringing in hordes of investors to such unconventional investment instruments, especially commodities.
We expect silver prices remain volatile in short to medium term and could test its key support levels of Rs 55,000 per one kilogram in the short term.
There is more room for correction from the current levels of Rs 210 levels as prices now are very close to resistance zones of Rs 220-mark.