BULLION:-
Gold prices nudged down early Wednesday on a firmer dollar,
as investors waited for details of the U.S. Federal Reserve’s two-day meeting
that should give clues whether policymakers will raise interest rates for the
third time this year. Spot gold XAU= was down 0.1 percent at $1,200.18 at the
time of writing. Investors await details from the two-day Federal Reserve
meeting that began on Tuesday, with the U.S. central bank expected to raise
benchmark interest rates and shed light on the path for future rate hikes.
Higher U.S. interest rate typically pressure gold, since it costs to store and
insure, but does not pay interest. U.S. consumer confidence surged to an
18-year high in September as households grew more upbeat about the labour
market, pointing to sustained strength in the economy despite an increasingly
bitter trade dispute between the United States and China. U.S. President Donald
Trump’s top trade official said on Tuesday that changing China’s economic
policies to become more market-oriented “is not going to be easy” even with
tariffs now in place on $250 billion worth of Chinese goods.
METALS:-
London copper fell for a third session in a row on Wednesday
ahead of a widely expected U.S. interest rate hike and persistent worries over
an escalating U.S.-China trade war. Fed funds rates futures implied traders are
fully pricing in a rate hike on Wednesday, with an 85 percent chance the Fed
will raise rates again in December. The Federal Reserve has already raised
rates twice this year. Three-month copper on the London Metal Exchange was down
0.6 percent at $6,277.50 a tonne at the time of writing. On the Shanghai
Futures Exchange, the most-traded November copper gained 0.6 percent to 50,500
yuan ($7,350) a tonne. With Wednesday’s rate hike expected, investor focus will
be on the Fed’s policy statement and Chairman Jerome Powell’s press conference
following the meeting.
ENERGY:-
Brent oil edged further away from a four-year high on
Wednesday and U.S. crude fell, after the U.S. said it would ensure crude
markets are well supplied before sanctions are re-imposed on Iran and as
President Donald Trump criticized high prices. Brent crude futures were down 43
cents, or 0.5 percent, at $81.44 a barrel at the time of writing, after gaining
nearly 1 percent the previous session. Earlier on Tuesday, Brent hit its
highest since November 2014 at $82.55 per barrel. U.S. crude futures were down
40 cents, or 0.6 percent at $71.88 a barrel. They rose 0.3 percent on Tuesday
to close at their highest level since mid-July. However, Brent is on course for
its fifth consecutive quarterly increase, the longest such stretch for the
global benchmark since early 2007, when a six-quarter run led to a record-high
of $147.50 a barrel.
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