Page 98 - Ommodities News Today

Analysts say focus has now turned to interest rate cues from US Fed officials

Here is what you need to know on Wednesday, November 8: In the absence of high-impact data releases mid-week, market participants will continue to pay close attention to comments from central bank officials.

Gold price (XAU/USD) struggles to capitalize on the overnight bounce from the $1,957-1,956 region or a two-week low, and oscillates in a narrow trading band during the Asian session on Wednesday.

The industry does not foresee customers flocking to jewellers this year during the normally busy and auspicious time of Dhanteras and Diwali, but the high price could mean that revenue figures are not badly affected.

There are, however, headwinds for the metal like a potential hard landing, further rate hikes, geopolitical tensions and higher real rates

According to Geojit, The Centre has increased the stock limit on tur and urad dal for wholesalers to 200 tn each from 50 tn, according to a notification by the consumer affairs ministry on Monday.

In Tuesday's session, the Silver spot price XAG/USD cleared most of its daily losses after bottoming at a low of $22.30 and then jumping back to $22.65.

An industry-led coalition has been formed to help millers produce adequately fortified staples to tackle the nutrition crisis gripping the globe. Millers who join Millers for Nutrition and commit to improving the nutritional quality of their food will receive free tech support to make it easier to fortify their products.

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