Gold prices stage minor recovery ahead of Yellen remarks

Gold prices stage minor recovery ahead of Yellen remarks.

Gold prices staged a minor comeback as pries ticked up in China and political risk remains a feature of the market with attention now turning to the U.S. Fed chief for a clearer view on the expected rate hike path this year. Gold for April delivery on the Comex division of the New York Mercantile Exchange inched up 0.14% to $1,227.55 a troy ounce. Also on the Comex, silver futures for March delivery rose 0.12% to $17.843 a troy ounce. Overnight, gold prices were slightly lower as recent actions by U.S. President Donald Trump helped soothe investor worries about uncertainty surrounding the new administration’s controversial policies.

Prices of the yellow metal rallied to a three-month high of $1,246.60 last week amid growing concerns over political risks in Europe and economic uncertainty in the U.S. But futures pulled back as markets shifted focus back on Trump's efforts to boost economic growth after the president said his administration would be announcing "something phenomenal in terms of tax" over "the next two or three weeks" during a meeting with airline executives last Thursday.India Brass, Copper Scrap prices advance; Copper Futures climb nearly 4.5%.

Major brass and copper scrap prices of India advanced on Friday, while copper futures prices at India's Multi Commodity Exchange near 5 percent surge after shipments were disrupted from the world's two biggest copper mines. India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass shell 40mm, copper coil 3/8, copper armature, copper cable scrap, copper heavy scrap, copper shell 40mm, copper utensil scrap and electrolytic copper strip 25mm showed an uptrend during Friday.

The most active February copper contract on the India's Multi Commodity Exchange settled higher by 4.49 percent to Rs. 408.15 per kilogram on Friday from previous close of Rs. 390.60 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 408.70 per kilogram and an intra-day low of Rs. 390.90 per kilogram during Friday.

Copper prices also seen supported by supply concerns and Chinese trade data that underscored stronger demand prospects for the metal. China reported better-than-expected trade data for January as demand picked up both at home and abroad, an encouraging start to 2017 for the world's largest trading nation.

Crude rebounds in Asia as market eyes supply/demand battle.

Crude rebounded in Asia on Monday in a market on a seesaw ride between cheering cuts by the world's top producers and watching a steadily growing supply response with estimates later in the day on crude and refined product inventories in the U.S. to set the tone. Shale oil output in the U.S. is expected to grow by 79,000 barrels per day by March, the U.S. Energy Information Administration (EIA) said on Monday, taking the overall output levels in the U.S. to 4.83 million bpd . The forecast comes as OPEC said earlier Monday that overall output by the cartel members in the pact in January fell 890,000 barrels per day (bpd) from December to 32.14 million (bpd), putting the supply and demand balance globally on track to even out this year from a glut. The figures, estimates from industry sources, are seen as the most official view of the success so far of the OPEC leg of a pact the has helped keep oil prices steadily above $50 a barrel for the past two months.

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