In the previous week, bulls continued to dominate the Comex market, on their way to recover losses during the previous months, with all base metals including Aluminum (2.1%), Copper (0.2%), Lead (0.5%) and Iron Ore (2.8%) ending in green and continuing its uptrends, except for Zinc which lost 0.6%. Precious metals, gold and silver also rose 1.1% and 3.6% respectively.
Gold and Silver prices continued to rise, supported by macro cues. US bond yields have fallen below 1.6%, US dollar has fallen to two-week lows against a basket of other currencies and continued inflation concerns after the reports of robust US retail sales data and a significant drop in weekly jobless claims, supported the prices. In addition to these, it has come to light that China has given domestic and international banks permission to import large amounts of gold into the country, which has aided in increasing gold prices during the week.
Crude Oil prices rose during the week, after the industry data showed that the U.S. oil inventories declined more than expected and the Organization of the Petroleum Exporting Countries (OPEC) raised its outlook for oil demand. The gains have also been underpinned by signs of a strong economic recovery in China and the United States, but have been capped by concerns over stalled vaccine rollouts worldwide and soaring COVID-19 infections in India and Brazil. We expect the prices to trade sideways due to worsening COVID-19 situation all over the world, however, it will also depend on the inventories data.
For the upcoming week, prices of precious metals are expected to continue their upward journey as the investors are diverting themselves towards safe haven assets as a result of increasing paranoia regarding the virus spread. We expect gold in COMEX market to be in the range of $1727 to $1,892, while silver is expected to be in the range of $25.2 to $27.7. Whereas, for bullion market traders, we assume gold futures to trade in the range of 46,528 to 49,021.
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