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GOLD - Gold prices turned lower on Friday as the dollar regained ground after the U.S. Senate approved a budget plan for the 2018 fiscal year that will ease passage for Republicans to pursue a tax-cut package without Democratic support. The Republican-controlled Senate voted for the budget measure late on Thursday by 51-to-49, which would add up to $1.5 trillion to the federal deficit over the next decade in order to pay for proposed tax cuts. The U.S. Federal Reserve is widely expected to raise its benchmark interest rate for the third time this year in December. Higher rates tend to boost the dollar, putting pressure on the greenback-denominated gold. Meanwhile, a report that Trump was leaning toward Fed Governor Jerome Powell, who is perceived as a less hawkish candidate, as the next Fed chair had weighed on the dollar earlier in the session and lent some support to gold prices. Trump concluded interviews with the five candidates, including current chief Janet Yellen, he is considering to chair the Fed and could announce a decision as early as next week. Elsewhere, the European Central Bank will say on Oct. 26 it will start trimming its monthly asset purchases to 40 billion euros from 60 billion euros in January, a Reuters poll found.

CRUDE OIL - Oil prices edged up on Friday, supported by signs of tightening supply and demand fundamentals, although a warning about excessive China economic optimism still weighed somewhat on markets. The stable prices came after a more than 1 per cent fall in prices the previous day. This was put down to profit-taking following four days of straight gains, but also to a sudden market slump which spooked traders after the veteran but outgoing governor of China's central bank warned of a “Minsky moment", a reference to excessive optimism about economic growth fuelled by vast debt and speculative investment. US commercial crude oil stocks have dropped 15 per cent from their March records, to 456.5 million barrels, below levels seen last year. Part of this drawdown has been due to rising exports as a result of the steep discount of WTI crude to Brent, which makes it attractive for American producers to export their oil. Additionally, crude futures price curves are in backwardation, which makes it attractive to sell produced oil immediately rather than store it for later dispatch. US commercial crude oil stocks have dropped 15 per cent from their March records, to 456.5 million barrels, below levels seen last year.

COPPER - London copper nudged higher on Friday as some investors beefed up positions following overnight losses, and remained on track to post its fourth weekly rise even after retreating from three-year highs. Copper at the start of the week rallied above $7,000 a tonne for the first time since September 2014. Traders said the slight pullback in price overnight was in reaction to Thursday’s data showing economic growth in China, the world’s biggest metals consumer, was in line was expectations. While some interpreted the data as supportive of Chinese industrial activity, ANZ Bank noted investors in the sector remained cautious. State-owned China metals firm Jiangxi Copper Co Ltd plans to make an acquisition in mineral-rich Africa, president and chairman Long Ziping said, as the country’s top integrated copper producer aims to step up overseas expansion. Stocks declined a net 3,625 tonnes to 287,625 tonnes. 8,200 tonnes of copper was freshly cancelled with the majority in New Orleans.

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