Gold remained under pressure for fourth consecutive session following strength in the dollar

BULLION :- Gold remained under pressure for fourth consecutive session following strength in the dollar against its major crosses. Last week, the yellow metal was weighed down after Senate Republicans approved a rewrite of the U.S. tax code, stoking optimism over President Donald Trump’s stimulus plans. Economic numbers released from the US also came in better than-expected that supported the dollar on lower levels. Non-farm payrolls number, released on Friday, showed the economy added 228,000 jobs in November compared to expectation of 198,000 jobs. But in the week, focus will be on FOMC policy statement; expectation is that the Federal Reserve could consider raising rates but outlook for the coming year will be keenly watched.

ENERGY :- Crude oil prices were pulled down as the latest rise in the U.S. rig count pointed to a further increase in American production, potentially undermining efforts led by OPEC to tighten markets. The amount of rigs drilling for new oil production in the U.S. rose by two in the week to Dec.8, to 751, the highest level since September and close to levels from top producers Russia and Saudi Arabia. Crude futures were buoyed by data showing China’s oil imports rose to 9.01 million bpd last month, the second highest on record, data from the General Administration of Customs. We believe underlying trend for oil prices is likely to remain positive but some liquidation is likely given the record amount of long positions in the futures market. Natural gas slumped as inventory data showed a surprise buildup in stocks last week and is likely to remain under pressure today.

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