Gold Prices Dip In Asia As Bank of Japan And People's Bank Of China Eyed - Gold prices eased slightly in Asia on Thursday as investors debated the prospect of China sharply trimming purchases of US Treasury and whether the Bank of Japan is set to inch forward on a way out of its aggressive monetary policy. Overnight, gold prices were hovering near four-month highs on Wednesday, as sentiment on the U.S. dollar weakened ahead of retail sales and inflation reports due at the end of the week. The U.S. dollar received no support after official data on Wednesday showed that U.S. import prices rose less than expected in December, while export prices unexpectedly fell. Market participants were now focusing on the release of U.S. inflation data due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve.
Copper prices gained as the dollar softened and the World Bank issued a solid view of global economic growth - Copper on MCX settled up 0.74% at 457.1 as the dollar softened and the World Bank issued a solid view of global economic growth. China’s producer price index (PPI) in December rose 4.9% from the same month a year ago, higher than the expectation at 4.8%. Market participants were now focusing on the release of U.S. inflation data due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve. The greenback had initially strengthened after San Francisco Fed President John Williams said that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts.
Crude Oil Mixed In Asia With Iran Economic Sanctions Waivers In Focus - Crude oil prices were mixed in early Asia on Thursday with investors braced for a decision expected on Friday on whether the Trump administration will continue with economic sanctions waivers on Iran.Advisers want Trump to extend Iran deal economic sanction waivers with a decision expected on Friday. But Trump, who has previously vowed to scrap the nuclear pact, is privately expressing reluctance to continue with the waivers - which would imperil a a multi-national deal that includes Russia and European allies. Overnight, crude oil prices settled higher on Wednesday as traders cheered an unexpected drop in US production while data showing crude stockpiles fell for the eighth-straight week lifted sentiment. Crude oil prices continued their bullish start to the week as traders cheered signs of ongoing tightening in domestic crude oil supplies which offset a larger-than-expected build in both gasoline and distillate stockpiles.
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