Weekly Commodity Podcast by Ravindra Rao | 4th Sept 2023

Highlights of this week's Commodity Podcast:• Last week witnessed a notable shift in market sentiments, suggesting that traders are beginning to see signs of improvement• The impact of the Federal Reserve's tightening measures appears to be taking shape, and the rollout of fresh stimulus measures in China has captured the attention of investors• The eagerly anticipated US Nonfarm Payrolls report pointed to a labor market that remains tight, supporting a recovery in the US dollar from lower levels• COMEX Gold surged to a three-week high of $1980.2 per troy ounce as the dollar initially slipped to 102.93, and US 10-year yields extended their pullback from 16-year highs• In terms of investment demand, holdings in the SPDR gold ETF rose from 884.04 tonnes in the previous week to 890.1 tonnes as of August 31st• Crude oil prices ended a two-week losing streak, posting their most significant weekly gain since April, with a 7.5% increase. This rally was attributed to Russia's indication that it would extend export curbs, along with a massive draw of 10.6 million barrels in US crude oil inventories• Base metals also experienced a sharp rally as investors assessed China's latest stimulus measures• Looking ahead to the coming week, the focus will be on the US ISM Services PMI. Subsequently, US CPI and Retail Sales data will be released, which are three major indicators that could impact Fed policy expectations for the September meeting. China's plan of action to boost its economy may dictate market directionFind out in our commodity outlook and trading strategy for Gold, Silver, Crude Oil, and base metals.