The price of gold on Monday settled at $1163.70, an increase of 0.15%, or $1.79The price of gold on Monday settled at $1163.70, an increase of 0.15%, or $1.79

PRECIOUS METALS

The price of gold on Monday settled at $1163.70, an increase of 0.15%, or $1.79 per troy ounce. Investors note that gold has historically had something of an inverse relationship with the S&P 500. That market declined on Monday. The price of the commodity had slumped nearly 12% during the third quarter, suffering its secondworst quarter in nearly 20 years. Gold is generally considered a "safe haven" asset. Gold is up for the year, thanks to the big rise it enjoyed through the Fourth of July holiday in the U.S.

BASE METALS

The Ministry of Mines & Minerals Development said Zambia’s copper production is expected to increase to 800,000 tonnes in 2017 due to commencement of new mining project and stabilizing international copper prices, wenhua.com reported. Data from Zambian Ministry of Finance & National Planning show copper output was 575,780tonnes in the first nine months of 2016. US Fed will announce its interest rate decision at its December policy meeting this Thursday. It is now widely believed that the Fed rate hike is very likely. Where will metals prices head if the Fed raises its benchmark rate? SMM interviewed Chen Shiyuan, an Economist from Bloomberg. The market expects the Fed to raise interest rate at its December policy meeting after continuous improvement in US economic growth, employment and inflation data, Chen said.

ENERGIES

Crude oil prices stayed in the green in Asia on Tuesday ahead of U.S. industry estimates of inventories. The American Petroleum Institute will release figures late Tuesday on crude and refined product stockpiles to be followed on Wednesday from official data from the U.S. Department of Energy. Overnight, oil prices rose than 18-month high after OPEC and a few of its market rivals reached their first deal since 2001 to reduce output across the globe. Oil prices at $60 a barrel would be “ideal” for producers as higher levels risk competition from competing commodity supplies from the U.S., Nigeria’s petroleum minister told the media on Monday.

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