Gold and silver is expected to come under pressure today on account of a stronger dollar coupled with Shanghai Gold Exchange’s step to increase the margins ahead of holiday.
Base metals are expected to trade with a sideways bias as buying by Chinese consumers of the industrial metal slowed before the start of the week-long Lunar New Year holidays. Additionally, dollar strength will also exert pressure on metal prices.
We expect crude oil prices to trade with a sideways bias today, as on one hand a stronger dollar will exert downside pressure on prices, while on the other hand supply concerns from Nigeria may provide support.
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