Gold near four weeks high: Gold held firm above $5,180/oz extending gains from the previous session

MUMBAI, 26 FEBRUARY: Comex Gold prices continued to hover around 5200$/oz whereas Silver prices are trading around 89$/oz. WTI Oil prices hit a low of 65.12$/bbl post US inventory data yesterday.

Gold held firm above $5,180/oz extending gains from the previous session and hovering near an almost four-week high, as markets weighed geopolitical tensions and uncertainties surrounding US trade policies. The buildup of US troops in the Middle East kept investors on edge ahead of nuclear talks in Geneva, while Washington stepped up pressure on Iran by sanctioning entities involved in oil and weapons exports. At the same time, the Trump administration moved to maintain its global tariff strategy, raising concerns among trading partners. Trade Representative Jamieson Greer said the president plans to raise tariffs to 15% “where appropriate,” following a 10% levy that took effect after the Supreme Court struck down earlier reciprocal tariffs. On the monetary policy front, persistent inflation concerns pushed traders to delay expectations of the Federal Reserve’s next rate cut to September. MCX Gold April futures is likely to Rs. 162,500/10g as trend in the world markets too are positive. – Mr. Jigar Trivedi, Senior Research Analyst at Indusind Securities

COMMODITIES

Currencies offshore

Commodity counters continued to trade sideways after US President’s address to the congress couldn’t provide enough cues for the markets. Trump reiterated his claims on low inflation, strong jobs markets and economy since his term. The focus remained on Iran-US talks as markets assess whether the current round of talks are able to avert a military conflict between the two nations. U.S. envoy Steve Witkoff and Jared Kushner are due to meet an Iranian delegation for a third round of talks on Thursday in Geneva. WTI Oil prices gave up some gains after US inventory rose to 16.0M vs previous draw down of -9.0M.

Economic data & events:

BREAKING NEWS:……….. International Commodity prices see a sharp correction.

Gold 5177 +0.25%, Silver 87.89 -1.50%, Oil 65.37 -0.30%, Copper 5.9 -0.9%

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