Gold down in Asia as investors sit on sidelines for 'Super Thursday'

Gold down in Asia as investors sit on sidelines for 'Super Thursday'.

Gold trended weaker on Wednesday in Asia as investors braced for a big day on Thursday with the European Central Bank, testimony by fired FBI chief James Comex and the U.K. election. Overnight, gold rose to seven-week highs on Tuesday, as safe-haven demand soared, ahead of risk events that could rattle markets while the dollar fell to its lowest level since November as investors questioned the strength of the U.S. economy amid weak economic data. Investors piled to into safe havens, such as U.S. treasuries, the yen, and gold, ahead of a flurry of risk events on Thursday that could spark turmoil in markets. On Thursday, investors will contend with Britain’s general election, the European Central Bank’s policy meeting and former FBI chief James Comex’s testimony before the Senate Intelligence Committee.

Maintenance at China Zinc Smelters to Hurt Zinc Output in June, SMM Reports.

Some Chinese zinc smelters will undertake maintenance cycle in June, and will hurt zinc production, SMM understands.About 15,000 tonnes of zinc output will be affected after maintenance at these smelters, SMM said. Some zinc smelters that conducted maintenance in May have yet to resume production, SMM added. Growth in China’s refined zinc output will be lower than expected in June. US Zinc Imports Double in April, Exports Rise Slightly.

Environmental Checks Severely Hit Aluminum Extrusion Production in China, SMM Reports.

The ongoing environmental protection inspections are taking a heavy toll on aluminum extrusion production in China’s major producing regions, SMM has learned. US Aluminum Imports and Exports Both Decline in April. About 110 small aluminum extrusion producers in Shandong, Hebei and Foshan have shut down for corrections, affecting approximately 2 million tonnes of capacity, SMM estimates.

Crude dips slightly in Asia after API figures, Qatar eyed.

Crude fell slightly in Asia on Wednesday after industry estimates showed a sharp drop in U.S. crude inventories, but large builds in refined product stocks and as investors monitor a diplomatic spat after key Gulf Arab states cut diplomatic and commercial ties to Qatar at the start of the week.President Donald Trump weighed in on the diplomatic row, claiming some credit with the move to isolate Qatar on fudning, even as the tiny country is hots to U.S. Central Command forces.The dispute centers on Qatar's support of the Muslim Brotherhood, the world's oldest Islamist movement, and adds accusations that Doha even backs the agenda of regional archrival Iran.

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