MCX EVENING UPDATES SEP 2018

BULLION:-

Gold prices edged up on Friday to a one-week high as the dollar weakened on receding fears of a full-blown Sino-U.S. trade war, keeping the yellow metal on track for its first weekly gain in four. "Higher gold prices are due to the fact that China-U.S. trade tensions have somewhat dissipated," OCBC analyst Barnabas Gan said. "Right now we have to tread very carefully on gold as any uptick in trade tension is bearish. U.S. tariffs should actually improve trade balance in the U.S and should give more strength to the dollar and push gold prices down." New U.S. and Chinese tariffs on each other's goods were set at lower rates this week than previously expected, raising hopes that hostilities between the world's two largest economies may be easing.

ENERGY:-

Oil prices rose on Friday ahead of a meeting of OPEC and other large crude exporters that will focus on production increases as U.S. sanctions restrict Iranian exports. OPEC and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies. Brent is close to four-year highs, trading just below $80 a barrel, as investors bet that the Organization of the Petroleum Exporting Countries will be unable to compensate fully for the loss of oil from Iran, OPEC's third-biggest producer. But the meeting on Sunday is unlikely to be able to change production policy. Such a move would require OPEC to hold what it calls an "extraordinary meeting", which is not on the agenda. President Donald Trump increased pressure on OPEC on Thursday, calling on the organisation to "get prices down now!"

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