GOLD surged to a new all-time peak, surpassing $2,250 an ounce. The rise comes as the latest U.S. inflation figures fell short of expectations, bolstering anticipation that the Federal Reserve may reduce interest rates as early as June. In domestic markets, the MCX April gold futures saw a significant increase, trading at ₹68,930 per 10 grams — an uplift of 1.85%. Experts predict that gold prices might achieve a historic milestone, potentially hitting ₹70,000/10 grams by the end of 2024.
COPPER futures experienced substantial gain, driven by unexpectedly robust economic data from China, which eased concerns over diminishing demand from the globe’s primary copper consumer. On the London Metal Exchange (LME), copper prices soared to $8,799 per metric tonne, marking the highest point since August 1, 2023. Nonetheless, the upside remains capped by elevated inventory levels, which, coupled with global price volatility, escalates the cost of copper-based products in India.
HRC STEEL prices have declined 22.69% since the beginning of 2024. Prices of global hot-rolled steel are recalibrating following a significant uptick in late 2023 and early 2024. The correction is attributed to a slowdown in product demand, maintaining a downward trend across key global markets for two months. The absence of demand recovery prospects has led consumers of HR sheets to limit their purchases to minimal quantities. Furthermore, unmet market expectations have heightened interest in imported products, notwithstanding protracted delivery periods. This situation, exacerbated by rising coking coal expenses, is poised to adversely affect the operational performance of India’s steel manufacturers due to the ongoing reduction in prices.