Gold prices slipped as upbeat data on U.S.
private-sector jobs helped the U.S. dollar reverse losses fueled by news that
Gary Cohn, will leave his post - Gold
on MCX settled down -0.32% at 30474 as the dollar steadied on upbeat economic
news and hawkish remarks from Federal Reserve officials. Also upbeat data on
U.S. private-sector jobs helped the U.S. dollar reverse losses fueled by news that
Gary Cohn, the top economic adviser to President Donald Trump, will leave his
post. Gold prices fell even further after the release of the U.S. Federal
Reserve’s Beige Book, which offers a snapshot of domestic economic activity.
Among the report's findings was "modest to moderate" growth across
the country. Meanwhile the White House said that President Donald Trump may
exempt Canada, Mexico from tariffs, easing days of investor fears over the
prospect of a global trade war. "We expect that the President will sign
something by the end of the week. And there are potential carve-outs for Mexico
and Canada based on national security and possibly other countries as well
based on that process," said Press Sec.
Copper prices dropped as the market looked ahead to key data from top
consumer China -
Copper on MCX
settled down -0.62% at 452.05 while prices recovered from the day’s low as
support seen after weaker dollar and expectations of strong demand in China.
Earlier in the day prices seen pressure as London Metal Exchange copper dropped
on concerns that the U.S. could slap down import tariffs on steel, impacting
zinc, used in galvanised steel and nickel, used in stainless steel, as well as
aluminium have dragged those metals in the past week. While US President Donald
Trump plans to offer Canada and Mexico a 30-day exemption from planned tariffs
on steel and aluminium imports, which could be extended based on progress in
NAFTA talks, a White House official said on Wednesday night. A labor strike in
February 2017 at BHP Billiton's Escondida copper mine, the world's largest,
sharply reduced copper exports until a deal was struck with the union in March.
State-run miner Codelco is the country's top copper producer.
Oil Prices Rebound With Decline in Gasoline Inventories - Oil prices rebounded slightly Thursday morning
in Asia, pulled up by a report from the Energy Information Administration (EIA)
that gasoline inventories had dipped.Oil prices had dropped following a decline
of more than 1 percent in S&P 500 Futures, triggered by the resignation of
key free-trade advocate Gary Cohn, economic adviser to U.S. President Donald
Trump, on Tuesday. The EIA report came out a day after the 1-percent drop in
S&P futures. The authority reported that gasoline stockpiles had declined
by 800,000 barrels in the reporting period, compared with a 2.5-million-barrel
build in the previous week. Since the start of the year, there has been only
one week featuring a drop in gasoline inventories, while the total build since
then stood at 17.8 million barrels.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Click here for comments 0 comments: