Weekly Commodity Podcast With Ravindra Rao | 3rd July 2023

Highlights of this week's Commodity Podcast:1. The Dollar Index, that traded as high as 103.50, fell on Friday and closed the week flat gaining by just 0.05%2. Resilient economic data from the U.S. have defied fears of a recession, though it added more room for the Fed to continue with rate hikes3. The Fed's preferred inflation gauge rose 0.3% month-on-month, in line with forecasts and below 0.4% in April. 4. COMEX Gold witnessed a good recovery on Friday after hitting a low near $1900/oz in the midweek5. As compared to gold, silver has shown some steadiness as the recent fall was overdone. The white metal gained by around 1% on Friday whereas on weekly basis it was up by close to 3%6. The week would be very important for precious metals as the focus will be on U.S. Nonfarm Payrolls, FOMC Minutes, U.S. Manufacturing and Services ISMs7. Data print indicating strength in the U.S. economy might push up the dollar pulling the precious metals lower and vice versa8. Oil prices closed the week with 2% upside and closed the month with 3% gain, owing to some support from a substantially higher 9.6 million draw in U.S. inventories and more!