BULLION:-
Gold prices eased on Wednesday after touching a one-week high earlier in the day, as the dollar recovered some ground lost to U.S. President Donald Trump's criticism of the Federal Reserve's interest rate hikes. Minutes from the Fed's July 31-Aug. 1 policy meeting are expected later on Wednesday, which investors will study for clues on further rate hikes in the United States. The dollar index against a basket of six major currencies . DXY was marginally higher at 95.284, after having fallen to a nearly two-week low of 95.08 in the previous session. Trump's reiteration on Monday of displeasure with rising interest rates had weighed on the dollar, ahead of the Fed's minutes and its annual economic symposium at Jackson Hole, Wyoming that will begin Friday. is highly sensitive to rising U.S. interest rates as it increases the opportunity cost of holding non-yielding metal while boosting the dollar, in which it is priced. A weaker dollar has helped the precious metal recover from a more than 1-1/2-year low hit last week, after prices slipped below the key psychological level of $1,200.
ENERGY:-
Brent oil rose more than $1 a barrel on Wednesday, trading above $73 as an industry report showing a drop in U.S. crude inventories and U.S. sanctions on OPEC producer Iran pointed to tighter supplies. The American Petroleum Institute reported U.S. crude stocks fell last week by 5.2 million barrels, more than three times the drop analysts expected. The government's official figures are due at 1430 GMT. Oil also found support from a weak dollar, which has slipped this week in response to U.S. President Donald Trump's comment that he was "not thrilled" by the Federal Reserve's interest rate increases. The prospect of a drop in oil exports from Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, in response to new U.S. sanctions is also supporting the market. European oil companies have started to cut back on Iranian purchases, although Chinese buyers are shifting their cargoes to Iranian-owned vessels to keep supplies flowing. OPEC has started to boost supplies following a deal with Russia and other allies in June, although producers have been cautious so far. Saudi Arabia told OPEC it cut supply in July, rather than increasing output as expected.
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