Gold prices gained in Asia on Monday with investors set for a busy week of policy - 10 Oct 2016

PRECIOUS METALS

Gold prices gained in Asia on Monday with investors set for a busy week of policy views and the volatile race for the U.S. presidency with Donald Trump and Hillary Clinton slated for their second of three debates during the session and China markets re-opening after a week-long holiday.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.82% to $1,262.15 a troy ounce. Also on the Comex, silver futures for December delivery jumped 2.00% to $17.727 a troy ounce.Bank of Japan Governor Haruhiko Kuroda, Fed Vice Chairman Stanley Fischer and People's Bank of China Governor Zhou Xiaochuan all made comments at the weekend, among others, on the policy outlook in Washington at at an IMF meeting.

BASE METALS

LME copper should range at USD 4,780-4,820/mt on Monday and SHFE 1611 copper will move between RMB 37,350-37,750/mt. Market will eye a series of economic data from China this week.While market liquidity in China is ample, investors are still keen to find out where money will go after 19 cities introduce house purchase curbs. Credit data in September cannot reflect passion for home buying following house purchase curbs. The share of home mortgage in new lending exceeded 50% for five months in a row since China introduced new measures to curb home buying in April this year, with the share hitting 98.7% in July and 71.2% in August. The gap between M1 and M2 will hardly narrow.     

ENERGIES

Oil prices fell on Monday over doubts that an OPEC-led plan to cut output would rein in a global oversupply that has dogged markets for over two years. The Organization of the Petroleum Exporting Countries (OPEC) plans to agree on an output cut by the time it meets in late November. The targeted range is to cut production to a range of 32.50 million barrels per day (bpd) to 33.0 million bpd. OPEC's current output stands at a record 33.6 million bpd.To achieve such an agreement among its members, some of which like Saudi Arabia and Iran are political rivals, OPEC officials are embarking on a flurry of meetings in the next six weeks, starting in Istanbul this week.

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