The diplomatic picture adds further uncertainty. Trump described his meeting with Iran's delegation at the UNGA as very good and indicated further discussions are scheduled.
The global cost of carrying crude oil which used to be around 1-2 per cent of the total contract value has now faring 20-25 per cent to Asian refiners.
Mirae Asset Sharekhan said dovish Fed commentary has eased downside pressure on silver, but high China inventories, subdued LBMA lease rates and weak ETF flows remain concerns.
Mirae Asset ShareKhan's Praveen Singh said that gold's key support levels are at $4,450, $4,358, and $4,300-4,330, while resistance is seen at $4,533, $4,575, and $4,650.
IFSCA is discussing with the government a proposal to classify commodity trading as a financial product in GIFT IFSC, potentially boosting India's role in global commodity markets
Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said oil prices fuelled inflation concerns and increased expectations of higher interest rates.
Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said elevated expectations of a Fed rate hike are bearish for the metal, but the downside is expected to remain limited
Brent is likely to remain supported while Hormuz traffic remains impaired, Red Sea threats persist, and Russian refining capacity faces recurring attacks
Crude Oil market has moved beyond a simple war-premium story. It's now balancing three forces at once: geopolitical risk around Hormuz, refinery-led product tightness and softer macro-demand impulse.
The exit of UAE has certainly loosened the cartels grip over the pricing power and the Cartels kingpin Saudi Arabia, and the UAE, Kuwait, Iraq, and Qatar are fighting an open war to control the market
Silver is expected to be highly volatile and choppy in the short run due to the evolving situation in West Asia. However, as West Asia conflict is likely to remain contained, traders may buy the dips.
Gold prices are expected to remain volatile and choppy amid uncertainty over situation in the Middle East, may trade in the range of $4,000-$4,200 for now.
Recent pullback in crude oil prices from the channel support suggests short-covering, but the prevailing structure continues to reflect lower highs and lower lows, keeping the broader downtrend intact
The Middle East is now entering a different kind of conflict-one driven not by military confrontation, but by the battle for market share in global oil markets.
Gold is expected to trade with a positive bias in near-term, and can extend its advance to $4,200 level in the coming weeks. Upside will remain capped unless the rate hike probability comes down furth
