BA:Crude Oil prices will come down to $80 in the near-term
For the intra-day commodity trade, it can be expected that the markets would rebound, said Renisha Chainani, Manager, Research Edelweiss Comtrade Limited.
Gold and Silver are expected to be bullish; the former to be more bullish than latter, added Renisha.
“But watch out for the US job data expected by evening, since that can set the direction for the markets from then.” she said.
She expects Crude Oil prices to come down to $80 in the near-term.
Gold and silver dipped on Thursday as investors sold off the precious metal to offset losses incurred in the equity markets.
This trend is expected to be arrested as the safe-haven-seekers would ply to gold. Meanwhile, analysts are of the view that the job data from US may not be encouraging.
The Standard & Poor’s GSCI Spot Index of 24 commodities shed 0.8 percent to reach 639.83 and was at 640.21 at 11:56 a.m. Singapore time. The weekly loss of 6.7 percent is the worst since May.
Zinc charged the decline, dropping 3.2 percent in London. Oil lost 1.6 percent in New York. Copper dipped to the lowest since June even as Gold climbed 0.5 percent, reported Bloomberg.
In India too, the markets declined.
The sovereign debt crisis in Europe spreading beyond the periphery, recession fears in the US and the resultant surge in bond markets have alarmed the equity, commodty markets triggering massive sell-offs.
