AHMEDABAD, 19 FEBRUARY: Commodity counters gained after Axios reported that US President Donald Trump is moving closer to a full blown conflict with Iran as the U.S. is increasingly preparing for a major military confrontation with Iran amid stalled diplomacy and a significant regional military buildup. The live fire drills and rhetoric from both sides underscores the volatile environment as US is unlikely to accept the conditions put forth by Iran during the second round of talks that concluded in Geneva. In reaction to the report, WTI Oil prices rose by 4.2% whereas, Gold and Silver prices also gained by 2% an 5% respectively. Meanwhile, comments from the White house economic advisor that he sees further room for rate cuts also supported bullish sentiments across asset classes. Finally, the Fed minutes released last night has shown that almost all participants supported the decision to hold interest rates steady.

GOLD SPOT: $4972.67 (-0.1%)
SILVER SPOT: $77.32 (+0.10%)
WTI OIL: $65.19 (+0.40%)
US Nat. gas: $2.97 (+1.5%)
US Copper:$5.83 (+0.1%)

Currencies offshore

US DOLLAR: 97.68
USDINR:90.75
EURINR:107.06
GBPINR:122.45

Comments from US President regarding the progress of talks with Iran will be crucial for market direction. US economic data and comments from Fed members will also provide cues for traders today.

7;00PM US Unemployment Claims (F: 223K P: 227K)
7:00PMUS Philly Fed Manufacturing Index (F: 7.5 P: 12.6)
7:00PM US FOMC Member Bowman Speaks
8:30PM US Pending Home Sales m/m (F: 1.4% P: -9.3%)
9:00PMUS Natural Gas Storage (P: -249B)
10:30PM US Crude Oil Inventories (F: 2.3M P: 8.5M)