Gold prices traded in a narrow range in Asia on Monday - 24 oct 2016

Commodity Intraday Tips

PRECIOUS METALS

Gold prices traded in a narrow range in Asia on Monday with investors noting domestic holiday-demand prospects in India ahead of the festival season, while widely expecting a dampener in the form of a Fed rate hike by the end of the year.Gold for December delivery on the Comex division of the New York Mercantile Exchange eased 0.04% to $1,267.25 a troy ounce. Also on the Comex, silver futures for December delivery rose 0.26% to $17.538 a troy ounce.Last week, gold prices fluctuated between small gains and losses on Friday before ending almost flat as investors compared the effect of the stronger dollar and expectations for increased demand from India on the precious metal.

BASE METALS

Market will eye Q3 GDP in the US and UK, as well as October preliminary manufacturing PMIs from major economies in the west. There is a good chance that manufacturing PMIs in Japan, the euro zone and US will continue mild expansion in October. Positive manufacturing PMI is reflected in industrial production, with industrial production in main members of the euro zone posting big growth in August.   It is expected that US GDP will grow 2.5% YoY, based on growth in retail sales and employment. US Q3 GDP will be released on Friday, and market optimism over this figure will support the US dollar. The US will also release September durable goods orders on Thursday.

ENERGIES

Crude oil prices held weaker in Asia Monday as investors booked profits as doubts grow that efforts by key producers to crub supply will result in significant impact on availability in the absence of stronger demand cues.U.S. crude oil on the New York Mercantile Exchange fell 0.61% to $50.54 a barrel. Global benchmark Brent futures on the Intercontinental Exchange eased 0.50% to $51.51 a barrel. Last week, oil futures reversed early losses to end higher on Friday, despite a stronger dollar after Russia’s energy minister said an oil output freeze agreement was necessary to help stabilize the market.

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