Gold prices remained under pressure on surging U.S.
bond yields and a stronger dollar - Gold on MCX settled down -0.57% at
30997 tracking weakness from Comex Gold price while fell sharply earlier in the
week yesterday also settled at $1,291.50/oz tumbling to a 5-month low amid
speculation the Federal Reserve will raise interest rates in June. A stronger
dollar also dented gold prices. Yesterday Gold prices recovered losses after
falling to a session low of $1,285.70 as the dollar retreated from a five-month
high, while the 10- year treasury yield met resistance after hitting a nearly
seven-year high. The move off the lows in the yellow metal was also supported
by renewed geopolitical uncertainty after President Donald Trump appeared less
certain as to whether a planned summit with North Korean leader Kim Jong Un
would still take place.
Zinc prices settled flat with the uplift from encouraging
Chinese home sales data capped by a stronger dollar - Zinc on MCX settled up 0.02% at
208.60 prices remained generally steady as weak indications such as China's
mining and industrial production were announced the next day and wearing mood
was drifting. While LME zinc gained 0.5 percent to $3,076.50 a tonne while
sentiments remain weak on risk appetite was news that North Korea cancelled
high-level talks with Seoul, denouncing military exercises between South Korea and
the United States, breaking from several months of easing relations on the
peninsula. Also the United States is seeking to make a rade deal with
China, White House economic adviser Larry Kudlow said as bilateral talks
between the world's two economic powerhouses resume in Washington this week.
Oil Prices Rise On U.S. Stock Draws - Oil prices rose on Thursday morning in Asia
after an inventory report showed U.S. crude and gasoline stocks fell more than
expected.According to the U.S. Energy Information Administration’s weekly
report, U.S. crude inventories fell by 1.4 million barrels in the week to May
11, compared with analyst expectations for a 763,000 barrel decrease. U.S.
gasoline stocks fell 3.79 million barrels. Analysts had expected a 1.42 million
barrel decline. Meanwhile, looming U.S. sanctions against Iran, which currently
produces 4% of global oil supplies, raised fears that oil markets will face
shortages later this year when trade restrictions take effect. In Venezuela,
production also plunged to 1.5 million barrels last month, its lowest level in
decades due to its ongoing economic crisis.
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