Last week we saw a consolidation in Gold, silver and Crude oil prices. MCX Gold corrected by 0.78% and closed at 50,230 levels and in the international market it corrected by 0.74% and closed at $1,644.30 levels. MCX Silver prices were corrected by 0.23% and closed at 57,480 levels and in the international market it was corrected by 0.93% and closed at $19.22 levels. However Brent Crude oil increased by 0.73% and closed at $94.14 levels.
Adversely, We have seen a correction in the dollar index as it was corrected by 1.08% and closed at 110.66 levels against all major currencies. We have seen the statement from the FED that they may look for a slower hike in interest rates in the coming policy meeting. China has sold the US dollar last week and also other economies may consider the hike in interest rates. These steps are looking negative for the dollar. Expecting that the correction in the dollar may give optimism for the commodity market.
Last week crude oil prices eased off after top crude importer china widened its covid-19 curbs. China has been sealing up buildings and locking down districts after China registered 1,506 new covid infections.