Saturday, June 10, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home crude

Crude oil price to US dollar: Top 5 triggers for gold price in short term

10 months ago
in crude
Crude oil price to US dollar: Top 5 triggers for gold price in short term
Share on FacebookShare on Twitter


Gold price outlook: Following ease in dollar index and cooling global inflation, yellow metal prices climbed to 5-week high last week in the week gone by. The precious bullion metal ended last week in positive zone for fourth straight week, logging around 1.37 per cent weekly gain. 

According to commodity market experts, overall outlook for gold is positive and it may go up to ₹53,500 levels on MCX in short term. They said that spot gold price is trading in $1,760 to $1,820 per ounce and it may go up to $1,850 levels in short term. They went on to add that gold investors need to remain vigilant about dollar index, commodity prices, US retails sales data expected on 17th August and some more triggers taking place next week.

Here we list out top 5 triggers that may dictate gold price in near term:

1] Crude oil price: “It remained volatile in the prior week and any sharp moves in the same would have implications for the inflation expectations as well as gold prices,” said Sugandha Sachdeva, Vice President — Commodity & Currency Research at Religare Broking.

2] Dollar index: “Key variable to watch out for would be the movement of the dollar index. After slipping to lows of around the 104.63 mark during the week, the greenback was seen forming a base and staged a strong recovery towards the close of the week. If the DX manages to sustain above the 104.50 mark, we may witness some selling pressure in the precious metal,” Sugandha Sachdeva said.

3] US retail sales data release: FOMC minutes and US retail sales data release on 17th August on 2022 will be an important event for gold investors as it will provide insights about the US economy.

4] Rupee vs dollar: “After dollar index shot up to 20-year high 109.30 levels, it came down below 105 levels last week building base around 104.50 levels. So, some recovery in Indian National Rupee (INR) against US dollar (USD) is expected this week, which is positive for the yellow metal. So, gold investors are advised to remain vigilant about this domestic trigger,” said Anuj Gupta, Vice President — Research at IIFL Securities.

5] Global economic data: There are host of economic data releases lined up for the week ahead, wherein eyes would be on the latest readings of the Empire State manufacturing index, building permits, housing starts, the Philadelphia Federal Reserve manufacturing index, existing home sales data and industrial production data from the US. The UK CPI, Eurozone CPI, and GDP data would also be on market participants’ radar and shall steer gold prices during the week ahead.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

Catch all the Commodity News and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.

More
Less

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Topics

First article



www.livemint.com

Latest Oil News

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Tags: Crudecrude oil pricedollarDollar indexFOMC meetinggoldgold priceGold price outlookoilpricerupee vs dollarshorttermTopTop 5 triggers for gold priceTop triggers for gold pricetriggersUS dollar to INRUS retail sales data
Previous Post

Plans for Conversion of Tanker to Boxship Shelved by Concordia

Next Post

Politics of semiconductors

Related Posts

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

by Oil Market News
February 1, 2023
0

After delaying a vote on Wednesday due to disagreements among member states, member nations of the European Union are hoping...

Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

by Oil Market News
January 31, 2023
0

WTI, more active second-month Brent close 1% higherData from U.S. shows higher Nov. crude oil and fuels demandDollar index turns...

S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

by Oil Market News
January 30, 2023
0

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping around 175 points on Monday.The Dow...

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

by Oil Market News
January 29, 2023
0

Comment on this storyCommentRussia spent almost 50 years building its energy market in Europe. President Vladimir Putin destroyed it in under...

Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

by Oil Market News
January 28, 2023
0

WorldLatin AmericaPresident Gustavo Petro says climate change threatens mankind, economists say oil is critical for growth news.google.com

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

by Oil Market News
January 27, 2023
0

Germany saw an increase in crude oil import volumes of 11.1% during the first ten months of last year, new...

Next Post
Politics of semiconductors

Politics of semiconductors

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Saudi’s oil import from Russia doubles in second quarter: Report

Saudi’s oil import from Russia doubles in second quarter: Report

10 months ago
Q&A with Indigenous rights activist María Espinosa

Q&A with Indigenous rights activist María Espinosa

10 months ago
Oil spill expected to hit beaches on Thailand coast

Oil spill expected to hit beaches on Thailand coast

1 year ago
Echo Energy PLC, Diversified Gas & Oil PLC, SDX Energy PLC, Jersey Oil & Gas PLC,

Echo Energy PLC, Diversified Gas & Oil PLC, SDX Energy PLC, Jersey Oil & Gas PLC,

1 year ago
Exxon and Chevron shareholders cut support for climate resolutions

Exxon and Chevron shareholders cut support for climate resolutions

1 week ago
ADVERTISEMENT
Apache announces end to North Sea drilling hours after UK scales back windfall tax

Apache announces end to North Sea drilling hours after UK scales back windfall tax

June 10, 2023

UK set to introduce floor for oil and gas windfall tax

June 9, 2023

Canadian refiner Irving Oil explores options including sale

June 8, 2023

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

Apache announces end to North Sea drilling hours after UK scales back windfall tax

Apache announces end to North Sea drilling hours after UK scales back windfall tax

June 10, 2023
UK set to introduce floor for oil and gas windfall tax

UK set to introduce floor for oil and gas windfall tax

June 9, 2023
Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023
UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.