Gold prices gave up gains on Tuesday as the dollar regained ground - 23 Nov 2016

PRECIOUS METALS

Gold prices gave up gains on Tuesday as the dollar regained ground against a basket of the other major currencies, pushing the precious metal back towards recent lows. Gold for December delivery on the Comex division of the New York Mercantile Exchange was down 0.14% to $1,208.25 a troy ounce by 1049 ET, after earlier rising as high as $1,220.85.The precious metal fell to lows of $1,201.30 on Friday, a level not seen since May 30. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose to 101.28, re-approaching the 13-and-a-half year high of 101.54 set on Friday.

BASE METALS

LME copper is expected to move at USD 5,580-5,680/mt during Asian trading hours on Wednesday and SHFE 1701 copper will range between RMB 45,500-46,050/mt. An official from Indonesia’s Ministry of Trade said Tuesday that PT Amman Mineral Nusa Tenggara has gained export license from the Ministry of Mines & Energy which allowed it to begin exporting copper and gold concentrate from January 2017, wenhua.com reported.Its Batu Hijau mine will export 149,000 tonnes of copper concentrate after receiving approval, said Bambang Gatot, Director of the company’s coal & mining department. Market attention will focus on US crude oil inventory changes, as well as a series of economic data from the US and the euro zone on Wednesday, including US housing market data and consumer confidence index.

ENERGIES

Oil prices edged up on Wednesday in anticipation of an OPEC-led crude production cut that is planned to be finalised by the end of the month, through trading was thin ahead of the U.S. Thanksgiving holiday on Thursday.U.S. West Texas Intermediate (WTI) crude oil futures were trading at $46.13 at 0128 GMT, up 10 cents from their last settlement.Wednesday's lethargy came after oil prices rallied earlier this week. Traders anticipated the Organization of the Petroleum Exporting Countries (OPEC) would successfully implement a planned, coordinated production cut - to be discussed at a Nov. 30 meeting - in order to prop up prices.

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