BULLION:-
Gold prices dipped in the morning session, with the dollar holding steady after marking a near three-week high in the previous session in the wake of the U.S. Federal Reserve’s plans last week for multiple interest rate hikes by 2020. Spot gold was down 0.2 percent at $1,189.22 at the time of writing. The metal fell 0.8 percent in September, marking its sixth straight monthly decline and longest monthly losing streak since January 1997. On Friday, gold touched its lowest since Aug. 17 at $1,180.34 an ounce. U.S. gold futures were down 0.3 percent at $1,193.0 an ounce. The dollar index was steady against a basket of major currencies, having touched its highest since Sept. 10 in the previous session. The Fed raised interest rates last week and said it planned four more increases by the end of 2019 and another in 2020. U.S. consumer spending increased steadily in August, supporting expectations of solid economic growth in the third quarter, while a measure of underlying inflation remained at the Fed’s 2 percent target for a fourth straight month. China will cut import tariffs on textile products and metals, including steel products, to 8.4 percent from 11.5 percent, effective Nov. 1, the finance ministry said on Sunday.
METALS:-
London metal prices eased on Monday amid evidence that the Sino-U.S. trade dispute impacted China’s manufacturing activity last month and as a week-long holiday got underway in the country. Growth in China’s manufacturing sector sputtered in September as both external and domestic demand weakened, two surveys showed on Sunday, raising the pressure on policymakers as U.S. tariffs appear to be inflicting a heavier toll on the Chinese economy. A private survey showed growth in the factory sector stalled after 15 months of expansion, with export orders falling the fastest in over two years, while an official survey confirmed a further manufacturing weakening. London Metal Exchange copper had eased 0.3 percent to $6,242 a tonne by 0219 GMT, following a gain of 1.2 percent on Friday. Copper prices climbed 4.7 percent in September, the largest monthly gain in a year when prices have dropped a total of nearly 14 percent.
ENERGY:-
Brent crude oil prices rose to their highest since November 2014 on Monday ahead of U.S. sanctions against Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), that kick in next month. U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.4 percent, at $73.57 a barrel. WTI prices were supported by a report on Friday of a stagnant rig count in the United States, which points to a slowdown in U.S. crude production, which now rivals top producers Russia and Saudi Arabia. Brent was pushed up by looming sanctions against Iran, which will start targeting its oil sector from Nov. 4. In a sign that the financial market is positioning itself for further price rises, hedge funds increased their bullish wagers on U.S. crude in the week to Sept. 25, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday, increasing futures and options positions in New York and London by 3,728 contracts to 346,566 during the period.
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