Gold gains in Asia with NKorea tension supporting, India data ahead

Gold gains in Asia with NKorea tension supporting, India data ahead.

Gold found support in Asia on Friday as tensions between North Korea and Washington show no signs of abating and investors looked ahead to data out of top gold buyer India on FX reserves for July and industrial production for June. Overnight, gold prices jumped to two-month highs Thursday, as geopolitical tensions between the U.S. and North Korea remained while a duo of disappointing U.S. economic reports weighed on the dollar, lifting demand for the precious metal. Risk aversion continued for the second day in a row, lifting demand for the safe-haven gold, a day after North Korea said it was "carefully examining" a plan to strike Guam, where a U.S. military base is located. New York Fed President William Dudley, however, suggested Thursday, the central bank was on track to raise interest rates once more and begin shedding some bond holdings this year.

CV duty on Chinese Aluminum Foil imports by US.

Certain Aluminum foil imports from China has been imposed with preliminary countervailing duties by US Department of Commerce. With the decision of imposing CV duty all US companies found importing Chinese aluminum foil will have to give a cash deposit based on preliminary margins, the Commerce will instruct US Customs and Border to do so. China Aluminum International Trading Co. (Chalco Trading) further cut aluminum prices it offered across major markets today after yesterday’s cut. Chalco Warns of Uncertainties in China Aluminum Market

India Brass, Copper Scrap prices gain; Copper Futures settle slightly down.

India’s major brass and copper scrap prices gained on the Scrap Register Price Index as on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled down mainly due to profit booking after prices rose as metals demand prospects have improved due to reconstruction activity.

Oil prices drop as oversupply concerns linger.

Crude Oil prices fell on Friday, dragged lower by persistent worries about oversupply despite a bigger-than-expected drawdown in U.S. crude inventories. Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea. "Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories," ANZ bank said in a note. "Supply-side issues also weighed on prices, with data showing Libyan production in July hit its highest level for the year." Meanwhile, U.S. President Donald Trump stepped up his rhetoric against North Korea again on Thursday, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough.

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