Gold flat as dollar off 13-month lows - 25 July 2017

Gold flat as dollar off 13-month lows.

Gold prices remained roughly unchanged on Monday, as investors mulled over mostly upbeat economic data ahead of the Federal Reserve’s policy meeting later this week while continued U.S. political uncertainty limited downside momentum. Gold prices pulled back from highs on Monday, amid an uptick in the greenback, following upbeat economic reports easing investor concerns about a slowdown in the U.S. economy. U.S. political uncertainty also added a measure of support for the precious metal, as President Donald Trump's son-in-law and senior advisor Jared Kusher, in his testimony to the Senate Intelligence Committee, said neither that he nor anyone in the Trump campaign team colluded with Russian officials over the US election. The trio of economic reports come ahead of the Federal Reserve’s policy meeting slated for Wednesday, with the majority of analysts expecting the Fed to keep its benchmark rate unchanged.

 

Operating China Zinc Concentrate Output to Fall Sharply in July, SMM Says.

China’s zinc concentrate production is poised to decline to 360,000 tonnes in July, a big drop of 4.6% on the month, SMM predicts based on a survey. Output at some zinc mines in China decreased in July and Zinc Prices to Continue to Fluctuate at High Levels This Week, SMM Foresees. China’s zinc concentrate output had grown significantly in the first half of the year thanks to decent profit at zinc mines, though.

Illegal Aluminum Capacity Closure at Xinfa Group Pushes Up Aluminum Rod Processing Fees, SMM Learns.

Closure of illegal aluminum capacity at Xinfa Group allowed the company to ask for higher processing fees for aluminum rod, SMM learned. China Aluminum Stocks Grow Slower After Hitting Nearly 5-Year High, SMM Says. The company closed 530,000 tonnes of illegal aluminum capacity last week, affecting its aluminum rod production. Exit of Low-Cost Aluminum Capacities in China to Be Filled by Restart of High-Cost Ones, SMM Warns.

 

Oil extends gains as Saudi pledges export curbs.

Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with production cuts to help rein in global oversupply and tackle flagging prices. In a ministerial meeting in St. Petersburg on Monday, Saudi Energy Minister Khalid alFalih said the Organization of the Petroleum Exporting Countries (OPEC) and nonOPEC partners were committed to extending their existing deal to cut output by 1.8 million barrels per day (bpd) beyond March 2018 if necessary. The Saudi minister added that his country would limit crude oil exports at 6.6 million barrels per day in August, almost 1 million bpd below levels a year ago.

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