Latest news with #Shigrekar
Hans India
05-07-2025
- Business
- Hans India
Crude oil prices may rebound as supply stabilises, geopolitical tensions ease
New Delhi: Crude oil prices may see a recovery in the near term as positive signals emerge from the supply side and geopolitical tensions show signs of easing, experts said on Saturday. While demand concerns continue to weigh on global sentiment, market experts believe crude prices could bounce back if key technical levels are sustained. West Texas Intermediate (WTI) crude prices remained subdued on Friday, trading near the mid $65 range amid thin holiday trading and weak global demand. However, analysts are pointing to a potential turnaround, especially with key events like the OPEC+ meeting and the US tariff deadline on the horizon. Tejas Shigrekar, Chief Technical Research Analyst -- Commodities and Currencies at Angel One Ltd, said the crude oil outlook remains mixed, but there are reasons for cautious optimism. He noted that while demand has been hit due to slowdowns in global manufacturing --particularly in China and the Eurozone -- OPEC+ production cuts are still keeping global supply tight. 'These cuts, mainly led by Saudi Arabia and Russia, have helped prevent a deeper fall in prices,' he explained. 'Even with softer demand projections from OECD countries, the coordinated output curbs are providing a floor to prices,' Shigrekar said. 'And unless there's a major supply shock, crude futures are likely to remain in a broad range, supported by strategic buying,' he stated. Geopolitical risks, which had earlier pushed prices higher, have somewhat eased after the ceasefire between Iran and Israel. Iran's renewed commitment to the Nuclear Non-Proliferation Treaty has also helped calm the market. While tensions in the South China Sea and the Middle East persist, there has been no major disruption to global supply chains so far. Traders are now focused on the July 5 OPEC+ meeting, where a third consecutive production hike of 411,000 barrels per day is expected to be approved for August. From a technical point of view, Shigrekar believes a price rebound is possible if WTI crude holds above the $62.70 support level. A break above Rs 5,780 could push domestic crude prices to Rs 6,000-Rs 6,200. But if support slips below Rs 5,550, we may see a drop toward Rs 5,330 or even Rs 5,000,' analysts mentioned.
News18
30-04-2025
- Business
- News18
Gold Pulls Back From Highs, But Long-Term Outlook Remains Strong: Experts
Last Updated: Gold futures dropped 6.81% last week from record highs due to a stronger U.S. dollar and easing U.S.-China trade tensions. Despite this, gold is up 23% year-to-date. Gold Price Outlook: Gold futures witnessed a steep correction last week, retreating sharply from record highs amid global market shifts. According to Tejas Anil Shigrekar, Chief Technical Analyst for Commodities and Currencies at Angel One Ltd., the recent dip signals an opportunity for strategic selling, although the broader trend remains supported by long-term fundamentals. Gold June futures tumbled 6.81% in a single week from a record high of $3,509.9 per ounce (Rs 99,358 per 10 grams on MCX), weighed down by a strengthening U.S. dollar and signs of easing trade tensions between the U.S. and China, following exemptions on select American goods from Chinese tariffs. China is reportedly encouraging companies to propose commodities eligible for exemption from its steep 125% tariffs. Despite the pullback, gold futures remain up 23% year-to-date, fueled by persistent U.S.-China trade tensions and strong central bank demand, with the metal touching an all-time high of $3,500.05 per ounce. Despite the decline, gold is still up 23% year-to-date, bolstered by persistent geopolitical tensions and strong central bank buying. Prices touched an all-time high of $3,500.05 per ounce before correcting. 'The recent correction was triggered by a firmer dollar and a temporary improvement in U.S.-China trade sentiment. But from a broader perspective, gold remains a favored hedge amid global uncertainty," said Shigrekar. In tandem, silver prices also slipped, with the spot market recording a 1.77% decline to $32.90 per ounce. Yet, silver is still poised to post a third straight weekly gain. The gold-to-silver ratio widened, reflecting gold's resilience during economic uncertainty, while silver struggled due to its reliance on industrial demand. From a technical standpoint, Shigrekar advised a 'sell on rally" approach for both gold and silver. He noted that gold is facing immediate resistance between Rs 96,900–Rs 97,000 levels. 'If gold sustains above Rs 97,000, the next strong resistance is seen around Rs 98,100," he explained, while support lies in the Rs 91,700–Rs 91,200 range. For silver, resistance is seen between Rs 97,100–Rs 97,600, with a more formidable ceiling at Rs 99,700 if it holds above Rs 97,600. On the downside, key support is expected in the Rs 89,100–Rs 88,500 range. Gold Could Give Good Returns Over Next 5 Years Sandip Raichura, CEO of Retail Broking and Distribution and Director at PL Broking and Distribution, commented, 'Gold remains a shining investment as global uncertainty rises. With a potentially weaker dollar, India is well-positioned within global macroeconomic conditions. On this auspicious day, continuing to buy gold at current rates could lead to a fabulous run over the next five years." Aksha Kamboj, Vice President of the Indian Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, added, 'Amid geopolitical tensions and currency fluctuations, gold continues to be a reliable asset. While short-term price corrections are possible, gold will remain a safe-haven asset. For consumers, gold offers both financial strength and emotional significance, making it a powerful way to celebrate prosperity and secure the future."
