Gold prices held firm on Thursday after hitting the highest in two weeks in the previous session, with improved risk appetite weighing on the U.S. dollar. The dollar was broadly lower as demand for safe haven currencies declined after a rebound in global equities and the euro strengthened on hopes for a resolution of Italy’s budget dispute. Meanwhile, Asian shares stepped ahead cautiously, though rising U.S. interest rates and escalating trade tensions kept financial markets on edge amid signs of slackening global growth.
London copper received support at the Bollinger middle band as it extended its increase of the daytime and mostly hovered above the daily moving average. It closed at $6,233/mt after rising to a high of $6,240/mt. With support at the five-day moving average, the SHFE 1901 contract settled at 49,530 yuan/mt with open interest up 2,704 lots to 518,000 lots. Market sentiment improved as the equity selloff eased. Development of China-US trade conflict will remain in focus in the near run.
Oil markets started Thursday timidly, with rising U.S. crude inventories pressuring prices but an expected supply cut by producer cartel OPEC offering some support. U.S. commercial crude oil inventories C-STK-T-EIA rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647