Weekly Commodity Podcast by Ravindra Rao | 25th Sept 2023

Highlights of this week's Commodity Podcast:• As predicted in our audiocast last week, we witnessed some notable movements in the commodities market. • Silver rallied impressively, gaining around 2.20%, while NYMEX WTI crude oil reached a new high, finding strong support at the $88 per barrel mark.• Market sentiments faced a significant challenge as the Federal Reserve, in its September policy meeting, reiterated its commitment to maintaining "higher for longer" interest rates.• COMEX Gold faced a decline, touching a one-week low at $1933.1/oz. In contrast, silver extended its gains and traded near $24 per troy ounce, buoyed by increased holdings in iShares.• WTI Crude oil, it experienced its first weekly decline in four weeks, primarily due to the prospects of further rate hikes in the US, which weighed on risk appetite.• Meanwhile, LME base metals faced substantial pressure as the US dollar surged to a fresh six-month high of 105.73.• In terms of the US dollar, it's currently trading close to its highs from March 2023, hovering around 105.80. While this level may pose as a resistance point, any signs of continued strength in the US economy, could lend support to the dollar.• For the week, the market focus will also be on critical economic indicators such as the US PCE price index, personal spending data, and the final estimate of Q2 US GDP.• Lastly, it's essential to keep a close watch on China's economic landscape.Find out in our commodity outlook and trading strategy for Gold, Silver, Crude Oil, and base metals.#KotakSecurities #CommodityMarket #commoditytrading #gold #Silver #CrudeOil #BaseMetals #trading #investing