Gold gains in Asia ahead of release of Fed minutes for June meeting

Gold gains in Asia ahead of release of Fed minutes for June meeting.

Gold prices rose ahead of the Wednesday release of Fed minutes from the June meeting expected to provide greater insight into the chances for another hike this year. Gold prices bounced back after a sharp fall on Tuesday amid heightened geopolitical risk after North Korea said it had successfully test fired an intercontinental ballistic missile. South Korea’s military and Japan’s government confirmed that North Korea had fired an “unidentified ballistic missile” which landed in the Sea of Japan. Tokyo strongly protested what it called a clear violation of UN resolutions. The timing of the launch is significant, come just days before leaders from the Group of 20 nations are due to discuss steps to curtail North Korea’s weapons programs. Upbeat U.S. manufacturing data on Monday reinforced expectations for another rate hike by the Federal Reserve this year and helped the dollar index to rebound from Friday’s nine-month trough. Trade volumes were likely to remain thin with U.S. markets closed on Tuesday for the

Independence Day holiday.

CME to Set Warehouses for Zinc Deliveries in EU and Asia.

Chicago Mercantile Exchange (CME), approved by Commodity Futures Trading Commission (CFTC), will set warehouses for zinc deliveries in EU and Asia, reported by foreign media. This will be the first time for New York Mercantile Exchange (NYMEX) and Commodity Exchange (COMEX) to deliver goods for metal futures outside America

One Guangxi Nickel Producer Cuts Production.

Guangxi Yinyi Advanced Material reduced nickel production in June due to no profits. What Factors behind Price Recovery in High-grade NPI Market? SMM Reports. The company produced about 350 tonnes of refined nickel in June, down by 60 per cent from May’s, and the production served for long-term buyers only. The company is one of three refined nickel producers in China, and its output of other products, including nickel sulfate and cobalt chloride, tops other producers in China.

Oil prices firm on rising political risk, but ample supply caps gains.

Oil markets were firm on Wednesday on worries over geopolitical tensions in the Korean peninsula and the Middle East, although prices were capped as supply remains ample despite an OPEC-led drive to rein in production.Traders said that firm prices came on the back of a sense of rising global security risk following North Korea's repeated missile tests and the political crisis between Qatar and an alliance of Arab nations led by Saudi Arabia and the United Arab Emirates. "Rising geopolitical risks should provide some support to gold and oil prices," ANZ bank said on Wednesday.

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