Gold prices fell to the lowest levels since February on Wednesday after the dollar - 24 Nov 2016

PRECIOUS METALS

Gold prices fell to the lowest levels since February on Wednesday after the dollar surged to fresh 14-year highs as upbeat U.S. economic reports underlined expectations for higher interest rates. Gold for December delivery on the Comex division of the New York Mercantile Exchange was down 2.08% to $1,185.05 a troy ounce by 1017 ET, a level not seen since February 10.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, surged to 101.81, the strongest level since April 2003. The dollar rallied after data showing that U.S. durable goods orders rebounded in October. The report supported the view that the Federal Reserve will raise interest rates next month.

BASE METALS 

LME copper is expected to range between USD 5,650-5,750/mt during Asian trading hours on Thursday and SHFE 1701 copper will move at RMB 46,800-47,500/mt. US financial markets will be closed today due to the Thanksgiving Day. Germany’s annualized Q3 growth, IFO business sentiment index in November for Germany and Gfk November CCI will be released today. The market will consume FOMC’s November meeting minutes today. FOMC’s November meeting minutes released this morning expressed a hawkish tone. Most Fed officials think it appropriate to hike interest rate in December.  Federal funds market interest rate shows the likelihood of a Fed rate hike in December will be 100%, and that for a 25 basis points hike increased 2% to 98%. But the market gave limited response after the release of the meeting minutes. 

ENERGIES

Oil prices were little changed on Thursday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity due to the U.S. Thanksgiving holiday kept traders from making big new bets on markets. Traders said market activity was low due to the U.S. holiday, and there was a reluctance to take on big price directional bets due to uncertainty about a planned oil production cut, led by the Organization of the Petroleum Exporting Countries.OPEC is due to meet on Nov. 30 to coordinate a cut, potentially together with non-OPEC member Russia, but there is also disagreement within the producer cartel as to which member states should cut and by how much.

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