Gold Prices Little Changed as Dollar Gains on Strong U.S. Inflation - Gold prices were little changed on Thursday as the dollar firmed against its peers after a expectation-beating inflation report reaffirmed expectations that the Federal Reserve would hike interest rates two more times this year. "The U.S. dollar firmed up across the board and I think that is the main reason," a Sydney-based trader said. "With the softer U.S. equity markets and the ongoing trade war between the U.S. and China you would think it would provide some support for gold but that has not been the case." A stronger dollar and higher interest rates reduce demand for non-interest bearing gold as the metal becomes more expensive for holders of other currencies. Trade concerns also remained in focus as the latest development pushed the Chinese equity markets into their worst selloff since three years ago. 

Oil rallies as IEA warns of output capacity limits - Oil prices rallied on Thursday, recouping some ground following sharp losses the previous session after Libya said it would resume oil exports. The rally received an extra boost from the International Energy Agency (IEA), which said the world's oil supply cushion "might be stretched to the limit" due to production losses. "The market fell out of bed yesterday as support failed (but was)... probably overdone to the downside," said Robin Bieber, technical analyst at London brokerage PVM Oil Associates. "Sharp attempts to recover are to be expected." An announcement by Libya's National Oil Corp that four oil export terminals were reopening, ending a standoff that had shut down most of Libya's oil output, was a key catalyst for the price fall on Wednesday, analysts said. The reopening will allow the return of up to 850,000 barrels per day of high quality crude oil to international markets.

Click here for Our Best Services

Free Commodity Tips 

Precious Metal Pack is one of our packages for MCX Traders. In this package, we provide Accurate Mcx Tips & Free Commodity Tips i.e. gold tips & silver tips


Equity Tips

Stock Cash Intraday Trading tips is completely based on technical analysis and charting. U can also get stock market live update news, equity intraday tips.

No comments:

Post a Comment