Weekly Commodity Podcast by Ravindra Rao | 23rd Oct 2023

Commodity Market Analysis and Outlook - 23rd - 27th October, 2023:• The Israel-Hamas conflict has been dominating headlines, causing significant upheaval in global markets.• Amid this turmoil, the U.S. dollar managed to remain above the 106 level, although it faced pressure after recent comments from Fed Chair Powell were perceived as dovish.• In terms of economic data, US retail sales advanced by 0.7% in Sept. 2023, manufacturing production rose by 0.4%, and industrial production increased by 0.3% in September, surpassing expectations.• Notably, the robust economic data pushed the yield on US 10-year notes to a 16-year high of 5.001%.• In the commodities market, COMEX Gold saw a 2.43% weekly gain as the escalation of the Israel-Hamas conflict heightened the demand for safe-haven assets. It briefly tested the crucial $2000 per troy ounce mark for the first time in nearly three months.• In our last week’s audiocast, we anticipated the potential for gold to reach $2000 per troy ounce, conditional on surpassing the $1968 resistance. This projection materialized as gold prices reached as high as $2009 per troy ounce, a level not seen since July 2023.• WTI Crude oil experienced a slight corrective dip at the end of the week, with gains of less than 1% on a weekly basis. Oil prices briefly tested $90 per barrel amid concerns of supply disruptions, stemming from worries that the conflict might expand to other states in the Middle East, including Iran.• LME base metals remained under pressure, extending their decline for a third consecutive week. This was primarily due to global risk-off sentiments and the ongoing property market crisis in China.• Looking ahead to the coming week, market attention will be directed at Western flash PMIs, the ECB policy meeting, U.S. Q3 GDP figures, and the PCE price index.• Meanwhile, the Israel-Hamas conflict remains in the spotlight, with any escalation holding significant implications for global markets.Find out in our commodity outlook and trading strategy for Gold, Silver, Crude Oil, and base metals.#commoditymarkets #commodities #commoditytrading #stockmarket #kotaksecurities #technicalanalysis #podcast