Gold price range-bound since May as natural gas, silver soar 3% last week; US Fed verdict, US CPI eyed for cues
Most commodities prices posted gains, except crude oil. Under the bullion pack, silver has registered a strong surge with nearly 3% weekly gains. This positive trend can be attributed to the weakening of the US dollar and the recovery in base metals. In the energy basket, crude oil prices settled in the red even after Saudi Arabia’s unilateral vow to reduce output, as concerns about demand weighed on the oil market. While natural gas prices edged up with gains of more than 3% on a weekly basis, the rise in prices was mainly supported by hotter weather conditions in the US. Among the base metal pack, zinc outperformed, it rose more than 4.0%, while copper posted moderate gains, in the previous week.
Gold price has remained within a narrow trading range since mid-May, primarily due to uncertainties surrounding the Federal Reserve’s policy stance and the overall state of the economy.
