Commodity Outlook Today
For Bullion, US monthly Jobs data on Friday create huge volatility as markets took mixed cues to assess how it can actually impact the FED’s rate outlook in coming meetings. On the Non-farm payrolls front, expectations were for a rise by around 225,000-230,000 though data came lower to 223K while the major negativity was attached with last month’s numbers which from 126K was revised lower to just 85K.
Bullion Weekly Review
For Bullion, US monthly Jobs data on Friday create huge volatility as markets took mixed cues to assess how it can actually impact the FED’s rate outlook in coming meetings. On the Non-farm payrolls front, expectations were for a rise by around 225,000-230,000 though data came lower to 223K while the major negativity was attached with last month’s numbers which from 126K was revised lower to just 85K.
Bullion Weekly Review
- Bullion faced high volatility in a small band last week as markets tried to assess the mixed set of data from the US and Europe whereas from demand side, there was no major changes
- By the end of week though, Gold Comex Jun expiry contract managed modest positive closing of around 1.2% to $1188 per ounce mark.
- Gold Spread movement: Comex spread moving in small band of $1 to $1.1 per ounce. Indian MCX Spread too ranged though bias continues to be marginally positive for Contango to increase as demand remains subdued locally. In last 6 sessions, overall spread gained from Rs 175 to 225 levels. Likely range for today Rs 250 – 200 with positive bias
