Bullion Update

Advisory Bazaar Info Services

The bullion counter may witness volatile movements. Gold rose on Friday, heading for its eighth consecutive weekly gain. Lingering geopolitical and economic uncertainties, along with expectations of interest rate cuts from the U.S. Federal Reserve, supported bullion demand.

• Gold (December) – 119,000 – 121,000

• Silver (December) – 144,000 – 148,000

Traders are currently pricing in a 25 basis points cut in October and another cut in December, with probabilities of 95% and 82%, respectively, according to the CME Fed Watch Tool.

Last week, new applications for U.S. unemployment benefits increased again, signaling layoffs of initial contractors linked to the U.S. government shutdown.

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reduced its holdings by 0.11% to 1,013.44 metric tons, down from 1,014.58 tons on Wednesday.

Energy Update

Crude oil may trade on a weak path within the range of 5,410 – 5,540. In Friday’s Asian session, oil prices saw little change, after falling more than 1% in the previous session. The market’s war risk premium eased as Israel and Hamas agreed on the first phase of a ceasefire plan.

• Israel and Hamas reached a first-phase ceasefire under U.S. President Donald Trump’s initiative.

• Under the agreement, fighting will cease, Israel will partially withdraw from Gaza, and Hamas will release all remaining hostages in exchange for hundreds of prisoners held by Israel.

Meanwhile, OPEC+’s decision to keep the production increase limited in November eases some supply concerns.

• Natural Gas (October) – 282 – 296