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Gold on MCX settled down -0.32% at 27985 just ahead of FED announcement while Comex Gold rallied to see gain's by 1.6 percent to settled at $1,217.81 an ounce after rising to $1,219.36, the highest since March 7. It was on track for its biggest one-day jump since September as support seen after the Federal Reserve announced an increase to its key short-term interest rate on Wednesday, but the metal’s price reaction isn’t quite the head scratcher that it seems to be.
*Gold trading range for the day is 27835-28129.
*Gold prices rose as the dollar fell after the U.S. Federal Reserve stuck to a less hawkish stance on further interest rate hikes this year.
Crude oil on MCX settled up 1.34% at 3178 rallied in yesterday session snapping a 7-session losing streak as government data confirmed a surprising drop in U.S. oil inventories. Prices surged on Wednesday after a slew of market reports and official data offered some hope that a near three-year global glut in oil is coming to an end, albeit more slowly than many anticipated. Crude oil prices bounced off their lowest levels since the OPEC agreed at the end of last year to cut crude production, with an an initial surge evaporating as stockpiles remained high.
*Crude oil trading range for the day is 3119-3241.
*Crude oil gained after industry data showed a surprise draw down in U.S. crude stockpiles.
Natural Gas on MCX settled up 0.72% at 195.40 pushed higher bouncing back from heavy losses in the prior session as forecasts showing cooler weather on the way boosted the heating fuel. Snow showers and gusty winds remain in the wake of Tuesday’s powerful winter storm that brought a wintry mess to the Mid-Atlantic and Northeast, according to forecasters.
*Natural Gas trading range for the day is 188.9-200.5.
*Natural Gas recovered to close at 195.40 as forecasts showing cooler weather on the way boosted the heating fuel.
*Temperatures are expected to remain much colder than normal through the end of the week.
Copper on MCX settled up 0.34% at 386.8 bolstered by a weaker dollar and continuing supply problems, including stoppages at the world's two biggest mines. Prices last week fell to their lowest level since Jan. 10 at $5,652 a tonne. The Fed raised interest rates on Wednesday for the second time in three months, a move spurred by steady economic growth, strong job gains and confidence that inflation is rising to the central bank's target.
*Copper trading range for the day is 380.6-392.
*Copper gained bolstered by a weaker dollar and continuing supply issues including stoppages at the world's two biggest mines of the metal.
Zinc on MCX settled up 1.89% at 183.7 as Chinese buying had been supporting the market. China’s inventories in Shanghai, Guangdong and Tianjin decreased. This may give some confidence to investors. China's economy is set to log steady growth and there is no scope for hard landing, Premier Li Keqiang said. Nonetheless, the economy faces significant external risks, he told reporters after the conclusion of the annual national legislative session. China targets about 6.5 percent economic growth this year, which is slower than the 6.7 percent expansion achieved in 2016.
*Zinc trading range for the day is 177.7-187.1.
*Zinc prices ended with gains as Chinese buying had been supporting the market.
*China's central bank raised short-term interest rates for the third time in as many months.
*Zinc daily stocks at Shanghai exchange came up by 572 tonnes.