Gold and Crude Oil - June 1, 2023 - HDFC Securities
2023-06-01 18:52:48 (Time Zone: IST)
Mr. Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities
Comex Spot gold prices traded lower on Thursday, with spot gold price at Comex was trading down by 0.35% at $1956 per ounce. While Gold August future contract at MCX was trading down by 0.75% at Rs 59748 per 10 grams by noon session.
Gold prices retreated as batter than expected US macro data gave space to Federal Reserve stay with hawkish policy. Higher interest rate negative for non-yielding metal. U.S. JOLTs job openings unexpectedly rose in April and data for the prior month was revised higher, pointing to persistent strength in the labour market that could increase the possibility that the Federal Reserve to raise interest rates again in June. On macro front, US ADP Nonfarm employment change data for the month of May and weekly Jobless claims data will be released later on day which could increase volatility in yellow metal. For the day, Comex spot gold having supports at $1935/$1919 per ounce and resistance at $1975/$1987 per ounce. MCX Gold August future having supports at Rs 59580/59270 per 10 gram and resistances at Rs 60175/60400 per 10 grams.
Crude oil price traded marginally higher on Thursday with NYMEX WTI crude oil was trading up 0.07% at $68.14 per barrel. Crude oil price recovered from recent low as traders found relief in progress made to a debt-deal that will avert a US default and better than expected Chinese manufacturing data. With the debt-deal progressing, traders will now be looking ahead to an OPEC and its alliance meeting in Vienna over the weekend to discuss the group's further policy.
Meanwhile, API reported US crude stockpiles rose by 5.2 m bl last week, which would be the biggest increase since February. Government Inventory data will be released later on day. For the day, NYMEX WTI Crude oil having resistances at $70.95/$73.60 levels and find supports at $67.10/ $66.0 levels. MCX Crude Oil June future having supports at Rs 5560/5480 and resistances at Rs 5735/5820.