Gold - Jan 8, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading lower on Friday morning and early afternoon trade in Asia.
However hopes for further U.S. stimulus buoyed the yellow metal.
Investors will also be looking at the U.S. jobs report, including non-farm payrolls, which will be released later in the day on whether significantly more stimulus will be needed to keep the economic recovery alive.
Meanwhile, statements from Fed officials were mixed.
Federal Reserve Bank of Cleveland President Loretta Mester said she didn t believe that the increased fiscal stimulus under Biden would mean a pull-back on monetary policy in 2021.
Rupee Vs Dollar: The rupee swung between 73.20 to 73.50 during the day s session
The rupee gained seven paise against the US dollar on Friday, January 8, to settle at 73.24 tracking an intense rally in domestic equities, while also reflecting a sharp recovery from the day s lowest level. The domestic unit started on a sluggish note and declined to an intraday low of 73.45 against the American currency during the day s session. It swung between 73.20 to 73.50 during the day s session. However, for a greater part of the trading session, the local unit remained under pressure due to stronger American currency against the key rivals and surging prices of oil. The rupee declined 20 paise lower at 73.31 against the dollar on Thursday, January 7. Meanwhile, the dollar index, which gauges the greenback s strength against a basket of six currencies, rose 0.12 per cent to 89.93.
Crude Oil - Jan 7, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices rose on Thursday morning and early afternoon in Asia supported by voluntary cuts by Saudi Arabia and as U.S. crude stockpiles fell.
A lower dollar is also supporting prices.
Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.
Technically, WTI Crude Oil continues its bullish momentum above $51.00 levels where its trading on strong uptrend indicates a bullish momentum up to $51.65-$52.40 levels. Support is at $50.70-$49.70 levels.