Gold prices turned lower as U.S. Treasury bond yields rose

Gold prices turned lower as U.S. Treasury bond yields rose.

Gold prices turned lower as U.S. Treasury bond yields rose, but losses were limited by weaker stock markets and the dollar, which fell due to uncertainty over U.S. tax reform. The dollar was set for its first weekly fall in a month as disappointment that a landmark U.S. tax overhaul may be delayed until 2019 put a brake on the currency's recent rally. Uncertainty over the tax plans also hit U.S. stock markets and helped end the longest run of global share price gains since 2003. Expectations of lower taxes, one of President Donald Trump's key promises, have helped power the S&P more than 20 percent since the 2016 presidential election. Gold demand slid to its lowest in eight years in the last quarter as jewellery buying fell and inflows into bullionbacked exchange traded funds dried up, data from the World Gold Council showed. Overall demand fell 9 percent to 915 tonnes, its weakest since the third quarter of 2009, the WGC said. India’s gold imports in the last quarter of 2017 could drop by a fourth from a year ago due to weak demand during key festivals and as investors seek better returns from riskier assets like equities, industry officials said.

Surging Profit from Increasing Output of Aluminum and Zinc: Vedanta Resources.

Vedanta Resources said that their profit surged by 37.4% in the first half of the year, as a result of increasing output of aluminum and zinc price climbing of commodity. From March 1st to September 30th,profit of zinc products had surged by nearly 80% in Vedanta, with a 42.1% profit increase from Indonesian zinc minerals. Vedanta’s aluminum output rose by more than 39% with the 23% increase of average price of aluminum.

Price of Jinchuan Refined Nickel.

Jinchuan lowered their quote today of Refined Nickel (780x850x3~5mm) to 99,000 yuan / ton in Shanghai and 100,200 yuan / ton for Refined Nickel (4 x4 inch), a 300 yuan / ton drop. The mill price of Jinchuan Nickel spot is higher than that in the market.

Crude oil prices settled lower as investors fretted over an uptick in U.S. production.

Crude oil prices settled lower as investors fretted over an uptick in U.S. production but losses were limited as expectations grew that OPEC would extend its agreement on output curbs. Crude oil fell to a weekly loss as investors weighed a report from Baker Hughes showing the number of oil rigs operating in the US rose to the highest in almost a month by 9 to 738. The uptick in rig counts added to concerned over rising U.S. output after federal energy projections estimated U.S. production to rise to 9.2 million barrels per day (bpd) in 2017 and a record 10.0 million bpd in 2018. Losses in oil prices were limited, however, as investor expectations for an extension to the OPEC -led product-cut agreement remained elevated ahead of the upcoming meeting on Nov. 30. In May, OPEC producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year.

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