During the las week in the COMEX market, prices of all the base metals such as Aluminum, Copper, Iron Ore, Lead witnessed a downward trend, wherein, Iron Ore observed a steep fall of 10.8% as compared to the close prices of the week before. However, zinc gained by 1.4% during the same period. As far as precious metals Gold and Silver are concerned, both observed a downfall by 2.4% and 3.2%, closing at $1,808.55 and $26.53 respectively on Friday.
The prices of precious metals fell drastically last week due to the strengthening of Dollar and a surge in US Treasury yields, which increased the holding cost of precious metals in the hand of investors. Also, a loose monetary policy by most of the major central banks, suggesting more liquidity in the market, to revive the global economy, also had a negative impact on the precious metals.
A part from this, better than expected economic data such as UK’s Final Manufacturing PMI and Final Services PMI, Italian Manufacturing PMI, French Manufacturing PMI, Prelim CPI, and Trade Balance, German Manufacturing PMI, Eurozone’s Prelim Flash GDP, Financial Services PMI and PPI, US’ ADP Non-Farm Employment Change, Financial Services PMI, ISM services PMI, Crude Oil Inventories, Unemployment Claims and ISM Manufacturing Prices also weighed on the precious metals.
For the current week, investors needs to keep an eye on economic data such as German Trade Balance, Italian Industrial Production on 9th February, German Final CPI, French Industrial Production, US’ Core CPI, Crude Oil Inventories, Fed Chair Powell’s speech, and BOE Governor Bailey’s speech on 10th February, German WPI, EU Economic Forecasts and US’ Unemployment Claims on 11th February, UK’s Prelim GDP, Goods Trade Balance, Industrial and Manufacturing Production on 12th February.
In the current week, we expect gold in COMEX market to be in the range of $1,754 to $1,912, while silver is expected to be in the range of $23.9 to $31.8. Whereas, as per our prediction for bullion market traders, gold futures will trade in the range of 45,113 to 51,939.
Page 8, Nav Gujarat Samay Newspaper, 9 Feb 2021
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