After last week’s rise, gold and silver prices are getting sluggish today. However, due to pressure from the upper level in the dollar, prices are getting support. Meanwhile, there has been a significant jump in gold imports in March. In the last month, gold imports have risen nearly 160 years to about 5 years. Now, the focus will be on how the trend of gold imports will go, with the second wave of Corona is gaining momentum, how much will it affect the jewelery demand.
Crude oil prices have been under pressure following the decision to relax OPEC + production cuts. But Brent prices remain close to $ 65. On the other hand, the trend in metals is mixed. Copper is strong, aluminum and nickel are weak.
Gold in a small circle
Gold is trading above the Rs 45,300 level on MCX. Gold is getting support due to weakness in dollar. The dollar has slipped from the 5-month high. Gold is getting sluggish due to the closure of many big markets. US employment figures are better than expected.
Boom in gold import
On a year-on-year basis, March imports are seeing a jump of 471%. 160 tonnes of gold have been imported in March. Imports have increased due to duty cuts. Import has increased due to decrease in the price of gold.
Slowness in silver
Silver on MCX is close to the Rs 65,000 level. The weakness in the dollar is giving support at a lower level.
Brent prices are below the $ 65 level. OPEC + has decided to cut production cuts. OPEC + will increase production from May. OPEC + will increase production by 3.5 million barrels in May and June. OPEC + will increase 4.5 million barrels of production in July. Saudi Arabia will also stop production cuts in 3 months.
Mixed attitude in metals
Strong copper, nickel, aluminum are doing weak business. US $ 2.25 trillion infra package will get support. The fall in the dollar from the upper level is supporting.
Steel prices have reached new record levels. Steel is witnessing a recovery in demand. Supplies are expected to remain tight till June.
Investment advice by T Gnanasekar of Comm Trendz Research
Gold Jun: Buy dips to 45,200 s/; 45,000 tgt 45,600
MCX Crude Apr: Sell rallies to 4500 s/l 4560 tgt
MCX Copper Apr: Buy dips to 673 s/l 670 tgt 685.
Investment advice by Ravi Diyora of Kunvarji Group
Copper April: Buy at 675.0 TGT 684.0 SL 670.0
Natural Gas April: Sell at 193.0 TGT 187.8 SL 196.8
Chana April: Buy at 5060.0 TGT 5160.0 SL 5010.0
CPO April: Buy at 1097.0 TGT 1120.0 SL 1084.0
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