WTI plunged 2.5 per cent over the past five trading sessions to $58.05/bbl, shedding 5.5 per cent in the last month and more than 20 per cent since mid-June highs near $73/bbl
Gold will react mainly to the shifting odds of a December rate cut, which means that the September NFP report may further weigh on the yellow metal, analyst said
Oil price outlook: While the outlook for the oil market remains bearish with expectations for a large surplus in 2026, robust refinery margins offer counterbalance
Trading at MCX was delayed by four hours due to a technical glitch, marking the second disruption in four months and raising questions over the exchange's systems
Despite Western countries imposing sanctions and gradually widening measures, Russia's oil exports have not been significantly impacted so far, Kotak said
Spot silver closed with a loss of over 2 per cent at $41.67 MOz on September 17 as the US Dollar Index and bond yields spiked higher on the Fed Chair Powell's comments in his post FOMC presser
Praveen Singh, head of currencies and commodities at Mirae Asset Sharekhan, sees a weakening US labour market as a potential source of concern for the metal
Silver outlook continues to remain constructive on rate cut expectations, huge ETF inflows, elevated geopolitical and economic risks. Strength in gold bodes well for silver.
On the technical side, charts are crystal clear. Gold recently broke out of a bullish pole-and-flag pattern on the weekly time-frame, a setup that often precedes strong continuation rallies.
Gold outlook: As the Fed Chair Powell's focus has shifted from inflation to the weakening US job market, the US monthly job report will be critical for gold for short-term trading.
Gold trading strategy: In the near-term, safe haven demand is somewhat subdued due to US-China trade truce extension and hopes from the upcoming US-Russia meeting in Alaska.
