Gold Prices Down In Asia In Holiday-Thinned Trade - Gold prices eased in Asia on Monday despite
some support from a weaker dollar as several key regional markets including
China were shut for holidays. Markets in Hong Kong, Taiwan, Vietnam, China, the
US and Canada are shut on Monday. In the week ahead, investors will focus on
minutes of the Fed’s latest policy meeting with hopes the central bank will
give more hints on the pace of future rate hikes this year.. Expectations for a
faster rate of monetary tightening outside the U.S., which would lessen the
divergence between the Federal Reserve and other central banks has eroded the
dollar’s relative yield attraction for investors.
Copper prices ended with gains as support seen as the dollar continued
to decline - Copper on MCX settled up 0.75%
at 461.5 as support seen as the dollar continued to decline. The dollar slipped
to a three-year low against a basket of currencies, headed for its biggest
weekly loss in two years, as bearish factors offset support the U.S. currency
could take from rising Treasury yields. The U.S. currency has been weighed down
by a variety of factors this year, including concerns that Washington might
pursue a weak-dollar strategy and the perceived erosion of its yield advantage
as other countries start to scale back their easier monetary policy.
Zinc prices ended with gains tracking firmness in LME prices as support
seen due to depleting stocks - Zinc on
MCX settled up 0.44% at 230.75 tracking firmness in LME prices as support seen
due to depleting stocks. The dollar remained under pressure weighed down by a
variety of factors this year, including concerns that Washington might pursue a
weak-dollar strategy and the perceived erosion of its yield advantage as other
countries start to scale back their easier monetary policy. Global zinc miners
and smelters failed to reach any benchmark deal on 2018 processing terms at an
annual industry gathering and any agreement is likely to be delayed by a month
or more as participants haggle over prospects for growing supply in the second
half.
Oil hits highest in nearly two weeks on Asian equity recovery - Oil prices extended gains to hit their highest
level in nearly two weeks on Monday, buoyed as Asian shares joined a global
recovery in equity markets and by worries over tensions in the Middle East.
Prime Minister Benjamin Netanyahu said on Sunday that Israel could act against
Iran itself, not just its allies in the Middle East, after border incidents in
Syria brought the Middle East foes closer to direct confrontation."The
upside momentum since WTI hit last week's low of $58 has been continuing,"
said Tetsu Emori, CEO of Emori Capital Management in Tokyo. "Oil got mild
support from gains in Asian equity markets, but has been getting pressure from
the rise in U.S. rig count and a slight recovery in the dollar." Trading
is expected to be slower than usual due market holidays in the United States as
well as Greater China and India.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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