Weekly Commodity Podcast With Ravindra Rao | 8th May 2023

Highlights of this week's Commodity Podcast:1. A super volatile week ended amid bets on #Fed 's rate hike stance. Everything from the dollar index to gold and oil to industrial metals witnessed wild swings 2. The Fed raised the fed funds rate by 25 basis points to a range of 5% - 5.25%, marking the 10th straight increase3. The #USDollar Index opened last week on a positive note once again and fell close to the support zones near 100.80.4. #COMEX Gold came close to the record high of $2,089/troy ounce before paring gains and closed the week at $2024.87 up by 1.29%5. #MCX Gold jumped to a record high of Rs.61,845/10 gms on the MCX6. We are probably at peak Fed funds rate and might see a pause during the June FOMC meeting, which might be a major trigger for bullions going ahead7. WTI #CrudeOil witnessed sharp selloff amid persistent concerns that higher interest rates could slow the global economy and hurt energy demand8. Base #Metals also extended the drop as fears of a #USRecession and more signs of a patchy recovery in China weighed on risky assets9. The focus for the week will be on US CPI and UK monetary policy in the week#kotaksecurities #commoditymarket #commodities #commoditystocks #marketupdates