Gold Prices Slip Amid Firmer Dollar

  Gold prices slipped on Friday as the dollar firmed against the other major currencies in Asia in late morning trade Friday, with the U.S. dollar index testing the 94 level. Meanwhile, the US Dollar Index, which tracks the dollar against a basket of six major currencies, stood at 93.83, up 0.11%. This week the greenback climbed to its highest level for the year when the index hit 94.10 on Wednesday night. The greenback was not hit by Trump's decision to call off the June 12 summit with North Korean leader Kim Jong-un, a move that may reignite geopolitical tensions in the region. The White House released a letter by Trump to Kim, in which the U.S. president regarding the cancelled summit. Trump cited “tremendous anger and open hostility” in recent statements from Pyongyang and called the outcome a setback for both North Korea and the world. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

 SMM Lead Zinc Summit: China to consume more secondary lead

China’s secondary lead consumption is likely to exceed primary lead consumption in the future as recycling resources gains importance, said Gao Fue, director of renewable resources at Henan Yuguang Gold & Lead Group. The consumption ratio of secondary and primary lead is expected to be 7:4, from the current ratio of 1:2, Gao told delegates at the SMM Lead Zinc Summit on Friday May 25 in Nanning, Guangxi. But primary lead is unlikely to be completely replaced, even as secondary resources gains market share. Affected by environmental concerns, technical requirements and limited resource reserves, output of primary lead ore mining is shrinking in China. Lead ore resources are poor in China, with most ore reserves containing lower grade ores. There are also few, large reserves in China. Reserves are estimated to deplete after four years.

Oil Prices Dip On Potential Increase In Russian Output -

Oil prices edged lower on Friday morning in Asia as Russia hinted it may increase output. The Organization of the Petroleum Exporting Countries (OPEC) as well as a group of non-OPEC producers led by Russia started withholding output in 2017 to boost oil prices and clear a supply glut. The group had agreed to curb their output by about 1.8 million barrels per day (bpd). But Russia, in particular, has shown eagerness to end the production cuts, with energy minister Alexander Novak saying on Thursday that restrictions on oil production could be eased “softly” if OPEC and non-OPEC countries see the oil market balancing in June. OPEC and some non-OPEC major oil producers are scheduled to meet in Vienna on June 22. Any signs that the group may be heading towards an early exit from the production cut agreement would weigh on prices.

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