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Expectation of further rate hikes by Fed continues to weigh in on precious metals

Updated : August 01, 2018 12:33 PM IST

Angel Commodities recommended a sell call on gold, and crude.

After 6 percent decline for crude oil prices for the month of July, August has started off on a weaker note as well. Supply seems to be increasing not just in US, but from Russia which has hit the output at 30-year highs. The US weekly inventory is also showing big surge up in the previous week and that is pulling the prices down.

The decline continues for gold and silver prices as well. The strength in US dollar and the pressure especially ahead of the US Fed meeting announcement today in the evening as well. Expectation of yet another couple of interest rate hikes from US continues to weigh on that space.

Base metals prices are keenly watching out on the trade talks between US and China. The US proposing 25 percent of tariffs on $200 billion worth of China imports has led to a very sharp decline across all metals. So everything from copper, lead, zinc, nickel is trading in the negative.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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