BULLION:-
Gold prices held close early Friday to near six-week lows
hit in the previous session, as the dollar firmed after upbeat U.S. economic
data supported the Federal Reserve’s resolve for steady interest rate hikes
over the next year. Spot gold was up 0.1 percent to $1,183.58 at the time of
writing. On Thursday, the metal fell about 1 percent and touched its lowest
since Aug. 17 at $1,181.61 an ounce. Spot gold is down about 1.3 percent for
the week, on track for its fourth weekly decline in five. The dollar stood tall
against its peers on Friday, and hovered near a nine-month high versus the yen.
U.S. economic growth accelerated in the second quarter at its fastest pace in nearly
four years as previously estimated, putting the economy on track to hit the
Trump administration’s goal of 3 percent annual growth. The U.S. economy does
not face a large chance of a recession in the next two years and the Fed plans
to keep gradually raising interest rates, Fed Chairman Jerome Powell said on
Thursday.
METALS:-
Shanghai aluminium prices dropped for a fourth session on
Friday and were on course for their steepest monthly drop since March after China
decided not impose blanket cuts on industrial output in 28 northern cities this
winter. The production cuts are to be determined by local authorities, which
the market expects to mean less restrictions on aluminium supply. Shanghai
aluminium fell as much as 1.5 percent to 14,275 yuan ($2,073.02) a tonne, the
lowest since July 23. The metal is heading for a 4.3 percent drop in September.
London Metal Exchange aluminium nudged up 0.1 percent to $2,031.50 a tonne.
Three-month copper on the London Metal Exchange was up 0.5 to $6,214 a tonne,
at the time of writing, snapping four straight sessions of declines. It has
fallen 2.6 percent this week, putting it on course for its steepest weekly fall
in six, although it is also heading for a 3.7 percent gain over September,
which would be its best month since December 2017.
ENERGY:-
Oil prices inched up on Friday, with investors trying to
gauge the potential impact on supply from looming U.S. sanctions on Iran’s
crude exports. The most-active Brent crude futures contract, for DecemberLCOZ8,
had risen 18 cents, or 0.22 percent, to $81.56 per barrel at the time of
writing. That was close to a four-year high of $82.55 struck on Tuesday. With
the expiration of the Brent November futures contract later on Friday, the
front-month contract will become the December contract. U.S futures were up 21
cents, or 0.29 percent, at $72.33 per barrel, on track for a weekly gain. The
sanctions kick in on Nov. 4, with Washington asking buyers of Iranian oil to
cut imports to zero to force Tehran to negotiate a new nuclear agreement and to
curb its influence in the Middle East. Saudi Arabia is expected to quietly add
extra oil to the market over the next couple of months to offset the drop in
Iranian production, but is worried it might need to limit output next year to
balance global supply and demand as the United States pumps more crude.
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