Gold Prices Edge Higher; Eyes on Fed Statement - 21 Sep 2017

Gold Prices Edge Higher; Eyes on Fed Statement.

Gold prices edged higher on Wednesday buoyed by a weaker dollar as investors awaited the Federal Reserve policy statement to gauge whether the central bank will stick to its plan to hike rates at least once more this year. The Fed’s outlook on future monetary policy tightening is less clear, however, amid growing expectations that the trend of slowing inflation could force the U.S. central bank to scale back its plan to hike rates at least once more this year. “The FOMC will announce its plans about trimming down the size of its mammoth balance sheet and the market has priced that in,” said Naeem Aslam, chief market analyst at ThinkMarkets. At the FOMC June meeting, the "dot plot," part of the FOMC's Summary of Economic Projections, indicated that the central bank saw rates rising to between 1.25% and 1.5% by the end of the 2017. The dot plot shows where each participant in the meeting thinks the Fed funds rate should be at the end of the year, for the next few years, and in the longer run.  

Three Producers Putting Aluminum Capacity Swap Quotas on Sale.  

Three aluminum smelters in Henan are putting aluminum capacity swap quotas on sale nationwide, according to Henan Commission of Industry and Information Technology. Global aluminum output fell sharply in August both on monthly and yearly basis, according to International Aluminium Institute (IAI). SHFE Aluminum Soars after Henan Implements Winter Cuts in AdvanceTwo Producers in Henan Begin Winter Alumina and Aluminum Cuts Ahead of Schedule.  

ICSG: Global Copper Deficit Expands in June.

The International Copper Study Group (ICSG) said in its monthly report that global copper market deficit expanded in June, according to foreign media. Copper Consumption to Grow as New Energy Vehicle BoomsMorgan Stanley: Fundamentals Not Good Enough to Keep Copper Price above $6,600.  

Oil dips on rising U.S. crude inventories and production. Oil markets dipped on Thursday, weighed down by rising crude inventories and production in the United States as well as a stronger dollar, which potentially hampers fuel consumption in countries that use other currencies at home. Traders said that a strengthening dollar had weighed on Brent while rising crude stocks and production in the United States had weighed on WTI. Traders said that a strengthening dollar had weighed on Brent while rising crude stocks and production in the United States had weighed on WTI.Traders said that a strengthening dollar had weighed on Brent while rising crude stocks and production in the United States had weighed on WTI. Meanwhile, U.S. oil production has largely recovered from the shutdowns following Hurricane Harvey, currently standing at 9.51 million barrels per day (bpd), up from 8.78 million bpd directly after the storm hit the U.S. Gulf Coast.

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