Commodity Market: Gold in a small circle – Shining in silver, what strategy should be made in crude boom

After last week’s sharp decline in gold, trading is taking place in a small range today. The relief package in the US has received Senate approval, which is supporting prices at a lower level. At the same time, silver is being seen today.

There is a continuous rise in crude oil. Brent prices have reached over $ 71. Crude has gained momentum due to the attack on Saudi Arabia’s oil terminal and the relief package in the US from the Senate. But metals are mostly a weakness today.

Gold in a small circle

Gold on MCX is trading near the level of Rs 44,600 per 10 grams. After the initial rise, there is pressure in gold. Domestic prices are under pressure due to strong rupee. Comics are seeing a recovery in the US as the relief package passes. The US Senate has passed a $ 1.9 billion package. Gold has been supported by rising concerns about inflation.

Boil in crude

Brent price has crossed $ 71. Brent is trading at the highest level since January 2020. WTI crude is at the highest level since April, 2019. This year, Brent is witnessing a growth of over 36%. This year, WTI crude is witnessing a growth of over 39%. The attack on Saudi Arabia’s oil terminal has gained momentum. Crude prices are buoyed by strong US employment figures. Continued production cuts of OPEC + accelerated. The US $ 1.9 billion package is close to final approval. Goldman Sachs has set a target of $ 75 for B2 for Q2, while Brent has a target of $ 80 a barrel for Q3.

Silver shine returned

Silver on MCX is close to Rs 66500 per 1 kg. After last week’s sharp decline, recovery is being seen. Silver is showing an increase due to softening in US bond yield.

Talking of agri commodities here, oil-oilseeds are witnessing vigorous action today. Soybean has reached a new record level, while mustard is also strong. Mustard rises as the pipeline empties.

Rupa Mehta’s Investment Opinion of Smriti Commodities

Buy Cotton Oil Seed Cake March  2280  SL  2240  Target  2360

Sell  Gold  44700  SL  45000  Target  44200

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