Gold Prices Down In Asia As U.S. Tax Cut Details Awaited, Yellen Noted

Gold Prices Down In Asia As U.S. Tax Cut Details Awaited, Yellen Noted.

Gold prices fell in Asia on Wednesday as investors took positions ahead of an expected roll-out of the Trump administration's plan for tax cuts and after noting what some are seeing as a more hawkish Fed after a speech by the central bank's chief. Overnight, gold prices fell on Tuesday as December rate-hike expectations jumped after Federal Reserve chair Janet Yellen said that central bank should be “wary of moving too gradually” on interest rates to avoid the economy overheating. In a speech titled “Inflation, Uncertainty, and Monetary Policy” at the National Association for Business Economics’ annual meeting on Tuesday, Fed chair Janet Yellen reaffirmed the central bank’s view that raising rates gradually was the most appropriate policy amid uncertainty over inflation. “It would be imprudent to keep monetary policy on hold until inflation is back to 2 percent,” Yellen said Tuesday in the text of remarks prepared for delivery in Cleveland. According to investing.com's fed rate monitor tool, nearly 80% of

traders expect a December rate hike, compared to about 60% a week ago.

Aluminium Bahrain Closed for Rectification for Water Pollution.

Due to its fly ash bridge wall is damaged, mortar water is discharged into Cannel Belgiri nullah near the factory and finally into River Hasdeo, heavily polluting the river. CGECB of Chattisgarh, India has released a notice to ask Aluminium Bahrain to shut down its 1200MW coal plant in Korba region of this province. Besides, CGECB calls for strict compliance of all power plant with relevant regulations and standards made by CGECB.

Comex High Grade Copper Price Futures Continues to Build Support Base.

December Comex High Grade Copper futures rallied sharply higher early Tuesday, helped by a rally in crude oil prices which drove up commodities across the board. Some traders also said longer-term expectations for higher demand amid constrained supply could continue to provide support and the momentum needed to send the market higher. However, by the end of the session, concerns over the strong U.S. Dollar’s effect on demand over the short-run weighed on the market, leading to a lower close.

Crude Oil Prices Gain In Asia After API Surprise Draw.

Crude oil prices gained in Asia On Wednesday as industry estimates on U.S. inventories threw up an unexpected drop in supplies. The API and EIA figures often diverge. Overnight, crude oil prices settled lower on Tuesday, as investors appeared to take profit on the recent rally that has seen oil prices hit multi-month highs ahead of weekly inventory data due Wednesday expected to show crude oil supplies rose for the fourth-straight week. A day after crude oil prices jumped to a four-month high following a threat from Turkey’s president to cut off oil exports from a Kurdish region of Iraq, traders appeared to unwind some of their bullish bets on crude oil futures ahead of a fresh batch of U.S. crude inventory data.

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