Bullion Update

Advisory Bazaar Info Services

Bullion counters are likely to witness an upside movement as gold prices remained near record highs on Wednesday. Investors are flocking to safe-haven bullion, especially amid rising US-China trade tensions that have increased global uncertainty. Expectations of potential interest rate cuts in the US have also created a bullish sentiment in the market.

* Gold (Dec): May trade in the range of 126,000 – 128,000.

* Silver (Dec): May trade in the range of 157,000 – 164,000.

US Federal Reserve Chairman Jerome Powell said on Tuesday that the US labor market is still weak, although the economy “may be operating at a relatively strong pace.” Investors are expecting a 25-basis-point rate cut at this month’s Fed meeting, with a similar cut possible in December.

US President Trump stated that his administration will release a list on Friday of “Democratic programs” that will be affected due to a federal government shutdown.

Energy Update

Crude oil may trade on a mixed path, in the range of 5,120 – 5,270. Oil prices fell in early trading on Wednesday, extending losses from the previous session. Investors are watching for a potential drop in demand due to warnings of supply surplus from the International Energy Agency (IEA) and US-China trade tensions.

* The IEA said that in 2026, the global oil market could face a daily surplus of up to 4 million barrels, higher than earlier expectations, as OPEC+ producers and competitors increase production while demand remains sluggish.

* Natural Gas: May trade in the range of 262 – 274.

Last week, trade tensions between the world’s two largest economies intensified when China expanded restrictions on key rare earth exports, and President Trump threatened to impose tariffs of up to 100% on Chinese goods and tighten software export rules from November 1.