Pace Research India Commodity Market Update

Gold held steady supported by a weaker dollar, geopolitical concerns about North Korea and nervousness ahead of the French presidential election. Tension surrounding North Korea has mounted over the past week as U.S. President has taken a tough rhetorical line with Pyongyang, boosting demand. British Prime Minister Theresa May called for an early election on June 8, saying she needed to strengthen her hand in divorce talks with the European Union.

Silver prices dropped as election uncertainty in France and the United Kingdom weighed on investors sentiment after the Easter long weekend. The IMF raised its 2017 global growth forecast on Tuesday due to manufacturing and trade gains in Europe, Japan and China Lingering worries about the upcoming French presidential elections on April 23 further supported demand for assets perceived as safer.

Crude oil dropped on news that U.S. shale oil output was expected to post the biggest monthly rise in more than two years.The energy minister of OPEC member the United Arab Emirates said he saw healthy oil demand growth this year and believed inventories would fall.Crude inventories fell by 840,000 barrels in the week to April 14 to 531.6 million barrels, still close to record highs, according to data from the API.

Natural gas fell as questions over the balance of supply and demand kept investors cautious. Weather patterns are expected to be rather bearish through the first half of the week due to mostly mild temperatures dominating. However, a colder weather system will track over the southern and eastern U.S. later in the week through early next week.

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