Globe Capital Research Report

Oil up as US-Iran deal remains elusive

• Bullions counter may trade on mixed path as yellow metal Gold (Jun) can move in range of 150400-152000 while silver (May) can move in range of 243000-254000. Gold prices nudged lower in thin trade on Monday, weighed down by ‌inflation worries that clouded the U.S. monetary policy outlook, while markets awaited developments in U.S.-Iran peace negotiations.

PRECIOUS – Gold rebounds from one – month low on softer dollar

• Bullions counter may trade on mixed path as yellow metal rebounded on Thursday from a one-month low hit the day before, helped by a softer U.S. dollar, although elevated oil prices kept fears alive of inflation and higher-for-longer interest rates. Gold (Jun) can move in range of 149000-150000 while silver (May) can move in range of 233000-245000.

Indian shares are likely to open higher on Monday, supported by easing oil prices amid some signs of some de-escalation in the Middle East conflict, while results of key ​assembly elections will also be in focus. Brent ​crude, which jumped to a four-year high of $126.41 a barrel last week, has eased to about $108.

Bullions counter may trade on mixed path as yellow metal was largely steady on Wednesday as investors awaited U.S. Federal Reserve Chair Jerome Powell's comments to assess the Iran war's impact on the economy amid stalled peace talks.