MCX EVENING NEWS UPDATES - 13 JULY 2018

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Gold Prices Slip as Dollar Extends Gain - Gold prices slipped on Friday as the dollar extended gains from the previous session. A strong U.S. inflation report and continued trade war concerns were cited as tailwind for the greenback. Meanwhile, the dollar rose on Friday, trading near a 10-day peak after U.S. consumer prices data showed a build-up of inflation pressure that would allow the Fed to raise rates as many as four times this year.  "The dollar has benefited this week from the trade conflict concerns that emerged earlier, which ended up funneling safe-haven bids into the currency," said Koji Fukaya, president of FPG Securities in Tokyo. "On top of that, the U.S. economy has shown it is doing well and Treasury yields have risen, and these factors are all helping the dollar." A stronger dollar and higher U.S. rates reduce demand for non-interest bearing gold as the metal becomes more expensive for holders of other currencies. U.S. Treasury Secretary Steven Mnuchin said on Thursday that he and the administration are “available” for discussion, but China must first agree to deeper economic reforms.  

Gold Prices Slip as Dollar Extends Gain - Gold prices slipped on Friday as the dollar extended gains from the previous session. A strong U.S. inflation report and continued trade war concerns were cited as tailwind for the greenback. Meanwhile, the dollar rose on Friday, trading near a 10-day peak after U.S. consumer prices data showed a build-up of inflation pressure that would allow the Fed to raise rates as many as four times this year.  "The dollar has benefited this week from the trade conflict concerns that emerged earlier, which ended up funneling safe-haven bids into the currency," said Koji Fukaya, president of FPG Securities in Tokyo. "On top of that, the U.S. economy has shown it is doing well and Treasury yields have risen, and these factors are all helping the dollar." A stronger dollar and higher U.S. rates reduce demand for non-interest bearing gold as the metal becomes more expensive for holders of other currencies. U.S. Treasury Secretary Steven Mnuchin said on Thursday that he and the administration are “available” for discussion, but China must first agree to deeper economic reforms.  

Oil futures edge lower, set for big weekly declines, on oversupply concerns - Oil prices fell on Friday as markets digested big swings earlier in the week that have left both major benchmarks facing a second weekly loss and largely shrugged off a warning about tightness in spare capacity. It has been a wild week for oil prices with both the main benchmarks suffering heavy losses on Wednesday as traders focused on the return of Libyan oil to the market amid concerns about a China-U.S. trade war. However, a warning on spare capacity by the International Energy Agency (IEA) pushed Brent higher on Thursday, helping it recoup some losses. "It is a tough market," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. "I think it is supported by relatively strong demand and inventories are falling, but if you look a little bit ahead U.S. shale oil just continues to grow and then it depends on what goes on with OPEC." The Organization of the Petroleum Exporting Countries (OPEC) and other key producers including Russia have responded to the recent market tightness by easing a supply-cut agreement. The IEA cautioned that the world's oil supply cushion "might be stretched to the limit" due to production losses in several different countries.

Oil futures edge lower, set for big weekly declines, on oversupply concerns - Oil prices fell on Friday as markets digested big swings earlier in the week that have left both major benchmarks facing a second weekly loss and largely shrugged off a warning about tightness in spare capacity. It has been a wild week for oil prices with both the main benchmarks suffering heavy losses on Wednesday as traders focused on the return of Libyan oil to the market amid concerns about a China-U.S. trade war. However, a warning on spare capacity by the International Energy Agency (IEA) pushed Brent higher on Thursday, helping it recoup some losses. "It is a tough market," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. "I think it is supported by relatively strong demand and inventories are falling, but if you look a little bit ahead U.S. shale oil just continues to grow and then it depends on what goes on with OPEC." The Organization of the Petroleum Exporting Countries (OPEC) and other key producers including Russia have responded to the recent market tightness by easing a supply-cut agreement. The IEA cautioned that the world's oil supply cushion "might be stretched to the limit" due to production losses in several different countries.

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