BULLION:-
Gold prices edged up early on Thursday, supported as
investors looked for bargains after the metal fell to a two-week low in the
previous session following a U.S. interest rate hike. Spot gold had risen 0.2
percent to $1,196.21 an ounce at the time of writing. On Wednesday, the metal
touched its lowest since Sept. 11 at $1,190.40 an ounce. U.S. gold futures were
up 0.1 percent at $1,200.40 an ounce. Gold is sensitive to higher interest
rates because they tend to boost the dollar, making bullion more expensive for
buyers with other currencies. The dollar steadied against its peers early on
Thursday as the small boost it received from the U.S. Federal Reserve interest
rate hike faded, with a decline in U.S. Treasury yields reducing support for
the greenback. In a statement that marked the end of the era of “accommodative”
monetary policy, the Fed raised interest rates on Wednesday and left intact its
plans to steadily tighten monetary policy, as it forecast that the U.S. economy
would enjoy at least three more years of growth.
METALS:-
The prices of base metals traded on the London Metal
Exchange were mostly lower at the close of trading on Wednesday, with zinc
being the only metal to trade positively amid continued bearish sentiment
across the base metals complex. Copper fell for a third straight session on
Wednesday as the dollar firmed ahead on the direction of U.S. interest rates
hike. Benchmark copper on the London Metal Exchange edged down 0.4 percent to
$6,264 per tonne at the time of writing. Persistent concerns over tit-for-tat
trade tariffs between China and the United States are denting demand for risky
assets, such as metals. The union at Alcoa’s aluminium operations in the state
of Western Australia said it was meeting the company again on Wednesday to try
to resolve a strike that has lasted more than six weeks, after the firm last
week revised an earlier offer. Stocks in LME-monitored warehouses fell below a
million tonnes for the first time since March 2008 on Wednesday, at 999,925
tonnes.
ENERGY:-
Oil prices rose by 1 percent on Thursday as investors
focused on the prospect of tighter markets due to U.S. sanctions against major crude
exporter Iran, which are set to be implemented in November. U.S. West Texas
Intermediate (WTI) crude futures were at $72.41 a barrel, up 84 cents, or 1.2
percent from their last settlement. At its 2018 peak, Iran exported around 3
million barrels per day (bpd) of crude oil, equivalent to 3 percent of global
consumption. Shipping data shows Iran September exports fell to around 2
million bpd as buyers around the world bow to U.S. pressure and cut imports.
The Organization of the Petroleum Exporting Countries (OPEC) has little spare
capacity to make up for an expected shortfall in Iranian exports. Reflecting
expectations of lower supply from the Middle East, Oman crude futures on the
Dubai Mercantile Exchange touched their highest in four years on Wednesday,
briefly jumping above $90 a barrel. While global oil markets tighten, supply in
the United States is ample, thanks to rising output.
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