BULLION:-
Gold prices were steady early on Monday as the dollar weakened on U.S.-China trade truce that revived investor demand for riskier assets. Spot gold inched up 0.1 percent to $1,222.97 per ounce at the time of writing. U.S. gold futures were up 0.2 percent at $1,228.1 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down about 0.2 percent. Asian shares rallied on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets. China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days. If no deal is reached within 90 days, both parties agreed that the 10 percent tariffs will be raised to 25 percent, the White House said. Speculators increased their net short position in gold by 8,464 contracts to 51,828 contracts, according to U.S. Commodity Futures Trading Commission data. Physical gold demand in the world’s second biggest bullion consumer India got a fillip this week from a slide in local rates due to gains in the rupee, while buying was steady in other top Asian hubs. The U.S. Mint sold 8,000 ounces of American Eagle gold coins in November, down 67.3 percent from the previous month, according to the latest data.
METALS:-
London and Shanghai industrial metals jumped on Monday after U.S. and Chinese leaders agreed to a ceasefire in a trade dispute that has shaken global markets. China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days. The White House said on Saturday that President Donald Trump told Chinese President Xi Jinping during high-stakes talks in Argentina that he would not boost tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1 as previously announced. Three-month copper on the London Metal Exchange rose 2.3 percent to $6,338.5 a tonne at the time of writing, while the most-traded copper contract on the Shanghai Futures Exchange climbed 1.7 percent to 50,420 yuan ($7,248.63) a tonne. Other industrial metals also rose, with Shanghai zinc jumping 4.7 percent to 21,370 yuan a tonne. A total of 79 Chinese cities have triggered air pollution alerts as severe winter smog covers wide swaths of the country, the official Xinhua news agency reported on Saturday.
ENERGY:-
Oil jumped on Monday after Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts. U.S. West Texas Intermediate (WTI) crude futures were at $53.38 per barrel at the time of writing, up $2.45 per barrel, or 4.8 percent from their last close. International Brent crude oil futures were up $2.38 per barrel, or 4 percent, at $61.84 a barrel. China and the United States agreed during the meeting of the Group of 20 (G20) leading economies in Argentina over the weekend not to impose additional trade tariffs for at least 90 days while the pair hold talks to resolve existing disputes. The trade war between the world’s two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown. Looking ahead, oil traders will eye a meeting by the Organization of the Petroleum Exporting Countries (OPEC) on Dec. 6. At the meeting, the producer group, as well as non-OPEC member Russia, is expected to announce supply cuts aimed at reining in a production overhang that has pulled down crude prices by around a third since October.
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