Gold prices fell in Asia on Friday with a stronger dollar

PRECIOUS METALS

Gold prices fell in Asia on Friday with a stronger dollar and the rising chances of rate hike weighing on the hedge commodity.Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.16% to $1,265.50 a troy ounce. Also on the Comex, silver futures for December delivery dropped 0.46% to $17.468 a troy ounce.Overnight, gold prices were trading close to two-week highs on Thursday after the European Central Bank indicated that it would wait until December to discuss tapering its asset purchase program, or the possible horizon at which stimulus might end, aiding dollar strength.

BASE METALS

LME copper is expected to range between USD 4,640-4,670/mt during Asian trading hours on Friday and SHFE 1612 copper will move at RMB 37,050-37,350/mt. Home price index in China’s 70 large and medium cities in September and Eurozone October CCI will be released today. The US dollar index rose overnight, taking a toll on commodities. Some base metals may fall, with lead still promising.Eurozone October CCI should improve, as Sentix CCI for Eurozone in October topped both forecast and August. Besides, ZEW economic sentiment index in October almost doubling expectations and August’s.

ENERGIES

Crude oil prices dropped in Asia on Friday as sentiment turned downbeat on the supply outlook with U.S. rig count data ahead to cap the week. U.S. crude oil on the New York Mercantile Exchange fell 0.49% to $50.38 a barrel. Global benchmark Brent futures on the Intercontinental Exchange eased 0.37% to $51.19 a barrel.Last week, oilfield services provider Baker Hughes said the number of rigs drilling for oil in the U.S. last week rose by 4 to 432, marking the 15th increase in 16 weeks. Overnight, oil prices fell on Thursday as traders took profits following a rally in the previous session fueled by an unexpectedly large U.S. oil inventory drawdown last week and hopes for an output cut by major producers.

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