#Gold Price Today 7th September 2024

[dailynewztimes]

Gold Price Today 7th September 2024: जानें आज भारत के प्रमुख शहरों में सोने के लेटेस्ट रेट्स

Gold Price Today 7th September 2024: सोने और चांदी की कीमतों में लगातार बदलाव होते रहते हैं, और ये बदलाव आपकी सोने की खरीदारी की योजनाओं को प्रभावित कर सकते हैं। अगर आप Gold price today in Hindi जानना चाहते हैं, तो यह आर्टिकल आपके लिए है। चाहे आप निवेश के लिए सोना खरीद रहे हों या ज्वेलरी, यहाँ हम आपको आज सोने का भाव और इससे जुड़ी अन्य महत्वपूर्ण जानकारियाँ देंगे। Gold Price Today 7th September…

[palmoilnews]

Market Review / Outlook of the day Primary Sentiment : Neutral Immediate Trend : Negative with support at lower level BMD Market Re-cap: - Malaysian palm oil futures extended its gains for the second consecutive session, reaching to more-than-one-week high. Market mirrored the continual rise in soybean oil prices, driven by unfavorable weather conditions in Brazil and Russia. Additionally, adverse weather conditions in Indonesia, a major palm oil producer, further bolstered palm prices. - The Malaysian Palm Oil Association (MPOA) projected a 10% rise in output for Malaysia in April compared to March, with Sarawak experiencing the highest surge of 11.3% from the previous month. - Indonesia's meteorological agency cautioned of possible severe weather phenomena from 7th - 13th May, including tornadoes and thunderstorms, which could result in floods and landslides. - There is approximately 64% of Indonesia is set to encounter a dry season from May to August this year, with the hot weather expected to have an adverse effect on palm yields. World Oil and Grains - CBOT Soybean futures exhibited mix performance on Tuesday. Nearby contracts experienced a decline due to profit-taking and spillover pressure from wheat futures, whereas new-crop contracts strengthened. - Soybean planting lagged behind expectations. A report released by the USDA after closed on Monday showed that only 25% of soybeans had been planted, which was lower than the 28% estimated. Over the past week, soybean had climbed due to concerns about floods jeopardizing some unharvested crops in Brazil and dampened U.S. spring planting progress caused by wet weather. Additionally, downward revisions to Argentina's harvest forecast have contributed to the upward trend in prices. Base and Precious Metals - Copper futures surged towards their highest levels in two years on Tuesday due to renewed attention on limited supplies and optimism about increased demand in China, the leading consumer, where officials are strategizing additional steps to support economic growth. - Last week, China announced its intention to bolster the economy through cautious monetary policies and proactive fiscal measures, which entail adjustments to interest rates and bank reserve requirements. - Gold declined on Tuesday after rising in the previous session, with traders maintaining their attention on the likelihood of interest rate reductions by the U.S. Federal Reserve. - According to the CME's FedWatch Tool, traders in the federal funds futures market estimate a probability of around two-thirds that the U.S. central bank will implement rate cuts in September. Market Outlook - Palm oil exhibited a more robust upward yesterday, closing above RM3,900 amid a counter-trend rebound. The price surged by RM68 after fluctuating between RM3,860 to RM3,935. The recent price movement indicates a dominance of bullish sentiment, with the commodity successfully maintaining support around RM3,800. Additionally, hourly stochastic indicators signal an overbought condition. - Today, the market is expected to start with caution, considering the slight price change in U.S. soybean oil overnight and the favorable performance of Dalian palm oil. Opening range: 3910 to 3920 Projected range of the day: 3800 to 4000 Support 3800 Next 3750 Resistance 4050 Next 4100 BMD FCPO Total Open Interest 19/04/2024: 263,873 (-2,908) 22/04/2024: 254,188 (-9,685) 23/04/2024: 254,196 (+8) 24/04/2024: 253,400 (-796) 25/04/2024: 255,102 (+1,702) 26/04/2024: 245,831 (-9,271) 29/04/2024: 241,305 (-4,526) 30/04/2024: 243,746 (+2,441) 02/05/2024: 238,389 (-5,357) 03/05/2024: 230,394 (-7,995) 06/05/2024: 227,559 (-2,835) 07/05/2024: 221,326 (-6,233) Source: Bursa Malaysia Futures