MCX EVENING NEWS UPDATES - 3 July 2018

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Gold Prices Slip Despite Global Trade Tensions - Gold prices slipped on Tuesday despite rising fears over trade tensions between the U.S. and other major economies. The U.S. is set to impose 25% tariffs on $34 billion worth of Chinese goods on Friday. Gold is usually seen as a safe-haven in times of economic uncertainties, but has failed to do so lately. "There's a strong element of 'risk off' generated by trade concerns behind the dollar's latest rise. That said, the dollar has managed to gain only as emerging market and commodity currencies have slid due to risk aversion," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.    

Oil climbs on Libya force majeure, Canada outage - Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted U.S. crude to levels not seen since late 2014. Production at Syncrude Canada's 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta, was hit by a power outage last month and is likely to remain offline through July, helping drain U.S. inventories. A Reuters survey estimated U.S. crude oil stockpiles fell for a fourth consecutive week, by about 3.3 million barrels, in the week ended June 29.

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