Jitters of Fed Rate kept a volatile momentum last week. Bullion and Metal prices drops, while Energy segment remained somewhat positive.
A slew of Fed officials spoke on monetary policy this week. All kept volatile momentum in the entire market. with all of them raising the prospect of more interest rate hikes. While Chair Jerome Powell noted recent progress against inflation. He warned that a strong jobs market and sticky inflation could invite more rate hikes.
The U.S. dollar posted a half percent gain last week. it made a high 103.964 and settled at 103.578 as compared to previous week’s close of 102.992. However, confusion that the Fed does not need to raise interest rates any more than it should as inflation is starting to get under control.
Moreover, Fed rate sentiment has also witnessed pressure on GOLD prices. It retreated from its weekly high of 57419 and settled at 56741. While, SILVER prices also posted weekly fall 1.35% and settled at 66664.
Comex GOLD Future settled at $1865.14, retreated from weekly high $1890.21, while SILVER future settled at $21.969, down 1.66%.
Crude oil posted 7.53%, its biggest weekly gain since 19 December 2022. Oil prices sparked after Russia announced plans to reduce oil production next month after the West imposed price caps on the country’s crude and fuel. Brent posted a weekly gain of 8.40%, while WTI gained 8.6%.
Russia plans to reduce its crude oil production in March by 500,000 barrels per day (bpd), or about 5% of output, Deputy Prime Minister Alexander Novak said
Base metals remained somewhat negative, where Copper futures retreated from 780 and settled at 766.40. Comex Copper fell 0.99% and settled at $ 4.0165. MCX Aluminum Future settled down by 3.47% at 215.55. ZINC future fell 5.07% and settled at 270.40, while Lead prices were able to gain slightly at 184.45, up 0.23%.