The brightness of gold is increasing. This month, prices are seeing a jump of more than 5%. Gold on Comex has again gone above $ 1900. In the US, gold is getting support due to inflation rising more than expected. The market is now awaiting US employment data.
Here, the prices of crude oil are getting stronger. Crude is getting support from good US data and recovery in demand. But today there is a mixed attitude in metals.
Rose gold shine
Gold on MCX has turned out to be above Rs 49,000 per 10 grams. This month, gold has seen a rise of more than 5 percent. Gold has come out at $ 1900 on Comex. Gold has gained momentum in the US as retail inflation has increased. US $ 6 trillion budget presented
The US employment figures for May will be closely watched. Today US market is closed on the occasion of Memorial Day.
Strength in silver
Silver on MCX is trading at around Rs 72,000 per 1 kg. Silver is being supported by gold fast. Silver has gained more than 6 percent this month.
Mixed attitude in metals
Copper has gone above $ 10,000 in the international market. Metals are getting support from the US $ 6 trillion budget. Copper is being supported by the strike in Chile’s mines. China will cut zinc and aluminum production in Yunnan.
Brent prices have reached an upper level of 2 months. Crude saw a growth of 5 per cent last week. Good US data, strong demand is supported. Global demand can go up to 100 mbpd in Q3. Gasoline demand in the US is above 2019 levels. Crude growth is limited on expectation of Iran-US deal. At the same time, the market will be watching the meeting of OPEC + starting from today.
Jateen Trivedi Investment Advice of LKP Securities
BUY GOLD AUG AT 49200 SL 48900 TARGET 49600
BUY NATURAL GAS JUN AT 219 SL 216 TARGET 225
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