BULLION:-
Gold prices inched up on Monday after marking their biggest one-day percentage gain in over a year the session before, with the US dollar easing on comments from the Federal Reserve chairman in support of a gradual approach to raising rates. Fed chair Jerome Powell on Friday defended the US central bank’s push to raise interest rates as healthy for the economy and signaled more hikes were coming despite President Donald Trump’s criticism of higher borrowing costs. Powell has begun putting his stamp on the US central bank as someone who will rely more on data-informed judgment and less on some of the models and theoretical values that have shaped the Fed’s course in recent years. But St. Louis Fed President James Bullard on Friday raised new alarm bells over the US central bank’s plan to keep raising interest rates, warning that even one more rate hike could set the stage for recession. North Korea’s state-controlled newspaper on Sunday accused the United States of “double-dealing” and “hatching a criminal plot” against Pyongyang after Washington abruptly canceled a visit by Secretary of State Mike Pompeo. Hedge funds and money managers increased their net short position in COMEX gold contracts to another record in the week to Aug. 21, US CFTC data showed on Friday. Demand for physical gold was modest in India last week as the top bullion consuming the state of Kerala coped with floods, while interest for the metal remained lackluster elsewhere in Asia as buyers awaited a dip in prices. Holdings in SPDR
METALS:-
Shanghai base metal prices mostly rose in early trade on Monday, with zinc climbing for a sixth session and hitting a two-week high as inventories in China languish at their lowest in a decade. The London Metal Exchange is closed on Monday for a public holiday. Zinc inventories in warehouses monitored by the ShFE fell 11.8 percent last week to 30,800 tonnes, their lowest since October 2007. Stocks in warehouses approved by the LME have fallen for eight straight days. ShFE copper was trading higher for a second day, rising 0.7 percent to 48,780 yuan a tonne. Shanghai aluminum climbed as much as 0.9 percent to 14,865 yuan a tonne, its highest since Aug. 9, as Chinese smelters' costs increase. China Hongqiao Group, the world's biggest aluminum producer, reported a 21 percent jump in first-half net profit despite lower revenues as it avoided a repeat of hefty impairments seen a year earlier. Profits earned by China's industrial firms rose 16.2 percent in July from a year earlier, slowing from 20 percent in June, the statistics bureau said on Monday. As Australia's big miners gear up for a new round of expansion after years of belt-tightening, prices for everything from labor to fuel to equipment have begun to rise, driving up costs and eating into margins.
ENERGY:-
Oil prices dipped slightly on Monday on concerns that a US-China trade dispute will erode global economic growth, although looming US sanctions against Iran’s oil sector kept crude from falling further, traders said. US energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, the energy services firm Baker Hughes said on Friday. Despite growing concerns about potential oversupply, the markets will continue to get a fillip from US sanctions against Iran. Washington will target Iran’s oil exports with sanctions from November. OPEC-member Iran has exported around 2.5 million barrels per day of crude oil so far this year. Most analysts expect this figure to fall by at least 1 million bpd once sanctions kick in. Reports that China would continue to source US crude despite their escalating trade tensions also affected prices. Inventors would also be keeping an eye out for US inventory reports, due for release from the American Petroleum Institute on Tuesday and from the US Energy Information Administration on Wednesday.
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