Gold prices eased on Tuesday after gaining more than 1 percent in the previous session, even as a sell-off in global equities amid concerns over a trade war between China and the United States continued to support the safe-haven metal
PRECIOUS :- Gold prices eased on Tuesday after gaining more than 1 percent in the previous session, even as a sell-off in global equities amid concerns over a trade war between China and the United States continued to support the safe-haven metal. Spot gold was down 0.2 percent at $1,338.51 per ounce at the time of writing. It climbed 1.3% on Monday in its biggest one-day percentage gain in a week. U.S. gold futures eased 0.3 percent to $1,342.80 an ounce. Gold is down most likely due to Chinese investors getting out of their positions ahead of holidays on Thursday and Friday. The three-day Qingming tomb-sweeping festival in China starts on April 5. The risk-averse sentiment in the market, however, underpinned bullion, often seen as an alternative investment during times of political and financial uncertainty. The Trump administration this week will unveil a list of advanced technology Chinese imports targeted for U.S. tariffs to punish Beijing over technology transfer policies, a move expected to intensify trade tensions between the world’s two largest economies. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.73 percent to 852.31 tonnes on Monday from 846.12 tonnes on Thursday. Among other precious metals, spot silver fell 0.3 percent to $16.56 an ounce, having risen 1.8 percent in the previous session. Platinum was down 0.2 percent at $927.50 an ounce. Palladium was on track for an eighth straight session of losses, down 0.6 percent at $928.80 per ounce. The metal on Monday fell to as low as $928, its lowest since Oct. 10.
ENERGY :- Oil prices traded flat on Tuesday after falling more than 2 percent in the previous session, pressured by a rise in Russian production,expectations that Saudi Arabia will cut prices of the crude it sends to Asia and a deepening trade spat between China and the United States. Brent crude fell $1.70, or 2.5 percent, to settle at $67.64 a barrel. That was the lowest level since March 21. U.S. crude lost $1.93, or 3 percent, to settle at $63.01, its lowest since March 20. Trade sources told Reuters on Monday that Saudi Arabia was expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude. Production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia have lifted oil prices in the past year. Despite the supply cut agreement, Russian output rose in March to 10.97 million bpd from 10.95 million bpd in February, official data showed. Also, in an escalation of the dispute between the world’s biggest economies, China increased tariffs by up to 25 percent on 128 U.S. products. Rising U.S. crude production has also limited price gains. Official data released on Friday showed output rose by 6,000 bpd in January to 9.964 million bpd.
BASE METAL :-London copper climbed to a more than one-week high, finding support from stronger-than-expected manufacturing growth in top metals user China, although worries over an escalating trade spat between Beijing and Washington kept the gains constrained. London Metal Exchange copper jumped by 1 percent to $6,777 a tonne at the time of writing, having peaked at $6,802 a tonne, its highest since March 22. The London Metal Exchange was closed on Friday and Monday for the Easter holiday. Shanghai Futures Exchange copper eased 0.1 percent to 50,230 yuan ($7,992) a tonne. Growth in China’s manufacturing sector picked up more than expected in March as authorities lifted winter pollution restrictions and steel mills cranked up production as construction activity swings back into high gear. Among smaller to mid-size firms, China’s manufacturing activity expanded at its weakest pace in four months last month as export demand faltered, prompting companies to shed staff more quickly as they looked to cut costs. China has increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts,escalating a dispute between the world’s biggest economies in response to U.S. duties on imports of aluminum and steel. In a signal of plentiful
copper mine supply, China’s top copper smelters on Friday lowered their floor treatment and refining charges for copper concentrate by 10.3 percent for the second quarter of 2018.
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