MCX EVENING UPDATE 10TH SEP 2018

BULLION:-

The price of gold was flat as Friday’s upbeat jobs report increased expectations of a Fed rate hike in September. Expectations of higher interest rates tend to boost the dollar by making the currency more attractive to yield-seeking investors. Higher rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise. Trade tensions with China continued, as U.S. President Donald Trump warned he would impose tariffs on $267 billion worth of Chinese imports, on top of an earlier promise of tariffs on $200 billion worth of Chinese goods. Trade worry and rate hike expectations have pushed the greenback near a one-year high, which weighed on gold. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.21% to 94.84.Gold usually falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves in the dollar. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.

ENREGY:-

Oil prices rose on Monday as U.S. drilling stalled and as investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November. Benchmark Brent crude oil  rose $1.09 a barrel, or 1.4 percent, to a high of $77.92 and was trading at $77.85 by 0900 GMT. U.S. light crude was 70 cents higher at $68.45. U.S. drillers cut two oil rigs last week, bringing the total count to 860, Baker Hughes said on Friday. The number of rigs drilling for oil in the United States has stalled since May, reflecting increases in well productivity but also bottlenecks and infrastructure constraints. the United States, Iranian crude oil exports are declining ahead of a November deadline for the implementation of new U.S. sanctions.

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