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Gold settled up as ongoing concerns over tax reform weighed on the dollar, boosting demand for the precious metal. Gold prices reversed losses from Tuesday’s session, as the dollar came under pressure on signs that the GOP Senate could derail Donald Trump’s Tax plan by delaying the implementation of corporate tax cuts, with reports suggesting that the Senate is considering a one-year delay. U.S. House of Representatives Speaker Paul Ryan left the door open to a possible delay in implementing lower tax rates for corporations, following a media report that his fellow Senate Republicans were exploring the option. A Senate tax-cut bill, differing from one in the House of Representatives, was expected to be unveiled on Thursday, complicating a Republican push to overhaul the federal tax code. The Bank of Japan's nine-member board debated calls from one of its policymakers to target the longer end of the yield curve at a rate review in October, a summary of their opinions showed on Thursday, with several stressing that the current stimulus was sufficient. In physical demand, industry officials warned that India's gold imports in the last quarter of 2017 could drop 25 percent from a year ago due to weak demand during key festivals and as investors seek better returns from riskier assets like equities. Shanghai Gold Exchange’s October figures, Asian gold demand this year to date is definitely trending higher. Chinese gold demand figures look to be advancing this year compared with last, but India’s even more so.

Crude oil on MCX settled down -1.04% at 3695 moved lower and fell from 2-year highs trimming strong recent gains whipsawing following a mixed inventory report from the DoE. Pressure seen in the prices after the update that US crude oil production hit an all-time high last week, according to preliminary government data, in another sign of the resilience of American shale drillers. The US produced 9.62mbls of oil a day in the week through Nov. 3, the US EIA reported on Wednesday. That just slightly topped a high struck in June 2015, just before the oil price crash sparked a more than one-year decline that sent US output to about 8.4mbpd. For the week ending November 3, crude oil stockpiles increased by 2.2m barrels, while gasoline inventories dropped by 3.3m barrels, putting them in the lower half of the average range, according to data from the EIA While the negative day for crude prices came as China’s October oil imports fell to 7.3mbpd from about 9mbpd in Sept, according to data from the General Administration of Customs on Wednesday. Prices have also been supported in recent weeks by expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month. Under the original terms of the deal, OPEC and 10 other non-OPEC countries led by Russia agreed to cut production by 1.8mbpd for six months. The agreement was extended in May of this year for a period of nine more months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Copper prices dropped as investors regarded its recent rally as mainly driven by speculators rather than supply/demand factors. China’s consumer inflation rate accelerated to 1.9 percent in October from a year earlier, beating market expectations, the National Bureau of Statistics (NBS) said. The consumer price index (CPI) had been expected to rise 1.8 percent on-year compared with an increase of 1.6 percent in September. Producer prices rose 6.9 percent on-year, unchanged from previous month’s increase. China's unwrought copper imports fell in October from a month earlier to their lowest since April, as prices soared to their highest in more than three years, while concentrate arrivals also slipped, customs data showed. Arrivals of unwrought copper, which includes anode, refined, and semi-finished copper products, stood at 330,000 tonnes last month, up from 290,000 tonnes a year ago, but down from 430,000 tonnes in September, according to the data from the General Administration of Customs. Imports for the first 10 months of the year were 3.76 million tonnes, down 7.8 percent from the same period in 2016, customs said., but up from 1.36 million a year ago. China’s October exports lagged market expectations, rising 6.9 percent from a year earlier while imports beat forecasts, growing 17.2 percent, official data showed. That left the country with a trade surplus of $38.17 billion for the month, according to a calculation based on official data.

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