Gold Prices Slip as Dollar Firms Despite Trade War Fears - Gold prices slipped on Monday as the dollar strengthened on signs of easing tensions between the United States and North Korea, although the U.S.-China trade spat continued to be a concern. The U.S. confirmed that North Korean leader Kim Jong-un is willing to talk to President Trump about denuclearisation, which implied easing geopolitical tensions in East Asia that improved investors’ risk appetite. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal. Meanwhile, U.S. inflation data will be out later this week. The U.S. producer price index, forecast at 0.1%, will be due Tuesday, while the core consumer price index, expected to be 0.2%, will come on Wednesday.
Report: Pan Pacific Copper to increase refined copper output by 15% - Japan’s largest copper smelter Pan Pacific Copper plans to increase its output by 300,000 mt during April to September this year, the company said last Friday. This would be a 15% increase from the same period last year. Copper on MCX settled down -0.39% at 438.25 but prices recovered from lows amid expectations of rising seasonal demand in the second quarter. China warned it would fight back "at any cost" with fresh measures to safeguard its interests if the United States sticks to its protectionist actions, after U.S. President Donald Trump threatened an extra $100 billion in tariffs in a worsening trade dispute between the world's two biggest economies. The United States is willing to negotiate with China on trade, but only if talks are serious, as previous attempts produced little progress, a senior U.S. official told as trade tensions between the two nations escalated.
Oil prices firm, but trade dispute and Syria keep market on edge - Oil markets stabilized on Monday after slumping around 2 percent last Friday on concerns over an intensifying trade dispute between the United States and China, as well as increased U.S. drilling activity. Markets on Monday were also eyeing the situation in Syria after reports - denied by the Pentagon - that U.S. forces had struck a major air base there.Oil prices fell about 2 percent on Friday after U.S. President Donald Trump threatened new tariffs on China, reigniting fears of a trade war between the world's two largest economies that could hurt global growth."Oil prices have been susceptible to the brewing trade tensions between China and the U.S....However, fundamental support levels have been demonstrated with OPEC's suggestion on an production limit extension into 2019," said Singapore-based Phillip Futures.
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