Gold dips ahead of Jackson Hole speeches, Draghi in focus

Gold dips ahead of Jackson Hole speeches, Draghi in focus.

Gold prices fell in Asia on Thursday as investors geared up for a slate of central bank chiefs at Jackson Hole, Wyoming, over the next two days to discuss global monetary policies. Traders remained cautious of initiating large positions in the precious metal ahead of speeches by European Central Bank president Mario Draghi and Federal Reserve chair Janet Yellen at the central banking symposium. The Jackson Hole conclave is expected to shed further light on the path of interest rate hikes in the U.S. this year and on unwinding stimulus efforts by central banks globally, with a particular focus on the European Central Bank. Ahead of the central banking symposium analysts have scaled back expectations of further monetary policy tightening. “Yes the Fed may hike in December and yes the ECB may announce a further taper for 2018 in October but recent events (softer inflation, softer market sentiment and the strong Euro for the ECB) may mean that now might not be the time they choose to guide markets towards such an outcome”. Analysts at Deutsche Bank (DE:DE:DBKGn) said.

OZ Minerals to Build New Copper Mine at Cost of $700 million.

OZ Minerals Ltd. said Thursday it would invest A$916 million or $724 million to develop its Carrapateena copper mine in Australia, to meet the increasingly growing demand for copper across the global. The Carrapateena copper mine, which is about 160 kms or 99 miles north of Port Augusta, will come online in the fourth quarter of 2019, and yield an average of 65,000 tonnes of copper and 67,000 ounces of gold a year over 20 years.

SHFE Zinc to Meet Resistance to Lurch Higher.

LME zinc market has slid below the 5-day moving average, and investors are advised to take cautious attitude due to US economy uncertainties and the upcoming global central bank annual meeting. Eyes should be on US initial jobless claims.

Oil steady on falling crude inventories, but rising output weighs.

Oil prices were little changed in early trade on Thursday, holding most of their gains from the previous session after another fall in U.S. crude inventories which is seen as a sign of a tighter market.Crude futures rose more than 1 percent on Wednesday, also buoyed by potential output disruptions from a storm approaching the Gulf Coast. Traders said that ongoing declines in U.S. commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back, they said. "Another strong drawdown in U.S. crude oil inventories should see oil prices well supported," ANZ bank said, although it added that "there was a hint of cautiousness, with U.S. oil output continuing to push higher."Despite this, U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday.

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