BULLION:-
Gold prices held steady early Friday as investors remained cautious after U.S. Treasury yields hit multi-year peaks and ahead of monthly employment data, which if stronger could boost the Federal Reserve’s case for a tighter monetary policy. Spot gold was flat at $1,199.20 an ounce at the time of writing. Spot gold was on track to gain 0.6 percent for the week, which would mark its biggest weekly gain since the week of Aug. 24. U.S. gold futures rose 0.1 percent to $1,202.90 an ounce. The U.S. Treasuries market’s two-day selloff pushed its volatility to its highest level since June as investors shed their bond holdings on surprisingly strong economic data and signals the Fed would raise interest rates further. Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding nonyielding bullion. The dollar index against a basket of six major currencies was little changed at 95.765, after climbing to a six-week peak of 96.121 in the previous session.
METALS:-
London aluminum held its ground on Friday as worries over an alumina shortage stoked cost inflation concerns, sending prices towards the biggest weekly gain in nearly six months. London Metal Exchange (LME) aluminium was little changed at $2,167 a tonne, down just 0.1 percent after hitting its loftiest since June at $2,267 the session before. Prices were on track for a 5.8 percent weekly rise, the biggest since April. The Brazilian state of Para on Thursday said it was surprised when Norsk Hydro decided a day earlier to halt operations at Alunorte, the world’s largest alumina refinery, and asked for a report explaining the decision. Other metals came under pressure from a stronger dollar. LME copper eased by 1.63 percent to $6,228 in the previous session, after the U.S. currency was boosted by solid demand for Treasuries following a strong payrolls report. The Shanghai Futures Exchange remains closed for the Golden Week holiday and will reopen on Monday.
ENERGY:-
Oil prices rose on Friday, as traders focused on U.S. sanctions against Iran’s crude exports that are set to start next month to tighten global markets. The gains helped claw back some of the losses from the previous session due to rising U.S. inventories and after Saudi Arabia and Russia said they would raise output to at least partly make up for expected disruptions from Iran. International benchmark Brent crude oil futures were at $84.98 per barrel at the time of writing, up 40 cents, or 0.5 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 50 cents, or 0.7 percent, at $74.83 a barrel. Overall oil market sentiment is bullish. Financial traders have accumulated bullish long positions betting on a further rise in prices amounting to almost 1.2 billion barrels of oil. Meanwhile, the number of short positions in the six most important petroleum futures and options contracts has fallen to the lowest level since before 2013, creating a near-record imbalance between bullish and bearish positions in financial crude markets.
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