Commodity Market Wrap-Up for May 28, 2025, analyzing the daily movements of Gold, Silver, Crude Oil, and Natural Gas, along with pertinent global cues.
By CapitalKeeper | Wrap-Up | Indian Commodities | Market Moves That Matter
🟡 Gold: Consolidation Amid Global Uncertainty
- Price Movement: Gold prices in India remained steady on May 28, 2025. In Mumbai, Pune, and Nagpur, 24K gold was priced at ₹95,430 per 10 grams, while Delhi saw ₹95,270, and Chennai and Kolkata were at ₹95,120 .
- Global Factors: The stability in gold prices can be attributed to mixed global cues. While concerns over inflation and geopolitical tensions persist, a stronger U.S. dollar and anticipation of interest rate decisions have kept gold’s upward momentum in check .
- Technical Outlook: Gold is currently consolidating within a range, with key support at ₹94,500 and resistance at ₹96,000. A breakout above ₹96,000 could signal renewed bullish momentum.
⚪ Silver: Minor Gains Amid Industrial Demand
- Price Movement: Silver prices saw a slight uptick, with futures trading at ₹96,340 per kg, up by ₹752 or 0.79% .The Economic Times
- Global Factors: The modest gains in silver are supported by steady industrial demand and a slight increase in safe-haven buying. However, the stronger dollar and cautious investor sentiment have limited significant upside.
- Technical Outlook: Silver faces immediate resistance at ₹97,000, with support at ₹95,500. A move above ₹97,000 could open the path to ₹98,500 in the near term.
🛢️ Crude Oil: Prices Rise on OPEC+ Decisions and Geopolitical Tensions
- Price Movement: Crude oil prices rose more than 1% on Tuesday, May 28, 2025, with Brent futures climbing 84 cents to $71.91 per barrel, and U.S. West Texas Intermediate (WTI) crude futures also rising 84 cents to $68.42 .
- Global Factors: The increase in oil prices is attributed to OPEC+’s supply decisions and potential U.S. sanctions on Russia, impacting global market trends .
- Technical Outlook: Crude oil is exhibiting bullish momentum, with immediate resistance at $73.00 and support at $70.00. A sustained move above $73.00 could lead to further gains towards $75.00.
🔵 Natural Gas: Market Lacks Conviction Despite Price Boost
- Price Movement: Natural Gas Services Group, Inc. (NYSE:NGS) shareholders observed a 25% share price boost, yet the market might still lack some conviction on the stock’s future performance .
- Global Factors: The natural gas market is experiencing volatility due to changing LNG market dynamics, as evidenced by Australia Pacific LNG’s recent AUD2 billion cut to its LNG contract price .
- Technical Outlook: Natural gas prices are facing resistance at $4.60 per MMBtu, with support at $4.20. A breakout above $4.60 could signal a bullish trend, while a drop below $4.20 may indicate further downside.
🌐 Global Cues Influencing Commodity Markets
- Economic Indicators: The average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. is 6.922%, indicating a higher borrowing cost environment .
- Stock Market Movements: India’s benchmark indices opened flat on Wednesday, May 28, 2025, with positive global cues being weighed down by domestic factors .
- OPEC+ Decisions: OPEC+ is set to gather for a quota review before making key decisions on July output, which could significantly impact oil prices .
Note: The above analysis is based on available data as of May 28, 2025. Investors are advised to consider multiple factors and consult financial experts before making investment decisions.
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