Gold prices remain under pressure amid dollar strength
as focused shifted to the Federal Reserve’s monetary policy decision next week
- Gold on MCX settled down -0.35% at
30299 as US manufacturing data showed mixed growth in March. The dollar rose
awaiting next week's Federal Reserve meeting, eyed data that showed the number
of Americans filing for unemployment benefits fell last week. Growing U.S.
political uncertainties following the recent departure of two key officials,
former Secretary of State Rex Tillerson and top economic advisor Gary Cohn,
from the Trump administration have also left investors worried. President
Donald Trump announced that he has selected Larry Kudlow to head the next White
House National Economic Council, replacing Gary Cohn who recently resigned from
this post. The two-day Federal Open Market Committee meeting begins on March 20
at which the U.S. central bank is expected to raise interest rates for the
first time this year.
Copper prices gained dropped as rise in the dollar ahead of next week’s
Federal Reserve policy meeting pressured prices - Copper on MCX settled down -0.73% at 450.95 on
fresh selling as the dollar strengthened ahead of next week's Federal Open
Market Committee meeting, at which the U.S. central bank is expected to raise
interest rates for the first time this year. A stronger dollar and a hesitant
market saw copper fall significantly, with the three-month copper price closing
$68.50 per tonne lower. Prices got some support which appeared to have been
instigated by better than expected China data, but the complex appears
incapable of trading more than one session in the same direction, reflected in
the declining options volatility market.
Oil prices set for weekly drop
as concerns about rising supply weigh - Oil prices were set to fall
this week, with both benchmarks dropping slightly on Friday, on concerns among
investors about rising supply from the U.S. and other nations threatening to
undermine efforts by OPEC and other producers to tighten the market.Several
reports this week renewed investor focus on the potential for rising supply to
overwhelm the expected gains in crude demand for 2018.The supply increase is
more than the IEA's expected demand growth forecast for this year of 1.5
million bpd. The agency also reported that commercial oil inventories in
industrialized nations rose in January for the first time in seven months. That
directly undermines the efforts of producers led by OPEC and Russia, the
world's biggest oil producer, to cut supply in order to reduce global
stockpiles.
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