MCX EVENING UPDATES 11TH SEP 2018

BULLION:-

Gold prices inched up on Tuesday, as a lower U.S. dollar and trade tensions bolstered the precious metal. Trade war tensions continued to ease investor sentiment. Robert E. Lighthizer, the United States trade representative met with European Union officials in Brussels on Monday to discuss trade tariffs. While Lighthizer called the talks “constructive,” a deal is not likely to be reached as soon as the White House administration would like. Meanwhile U.S. President Donald Trump wants to impose tariffs on almost all imported Chinese goods .China’s foreign ministry said on Monday that it would respond to any new steps on trade. Trade fears offset expectations for a Federal Reserve rate hike in September, pushing the greenback lower and increasing the price of gold. The US INDEX, which measures the greenback’s strength against a basket of six major currencies, fell 0.18% to 94.95.

ENERGY:-

Oil prices rose on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output. Washington has told its allies to reduce imports of Iranian oil and several Asian buyers, including South Korea, Japan and India appear to be falling in line. the U.S. government does not want to push up oil prices, which could depress economic activity or even trigger a slowdown in global growth. U.S. Energy Secretary Rick Perry met Saudi Energy Minister Khalid al-Falih on Monday in Washington, as the Trump administration encourages big oil-producing countries to keep output high. Perry will meet with Russian Energy Minister Alexander Novak on Thursday in Moscow. the United States and Saudi Arabia are the world's three biggest oil producers by far, meeting around a third of the world's almost 100 million barrels per day (bpd) of daily crude consumption.

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