Gold prices edged lower for the first time in six sessions in early dealings on Thursday, moving away from its strongest level in around four months as investors
Gold Prices Under Pressure Ahead of Fresh Batch of U.S. Data – Gold prices edged lower for the first time in six sessions in early dealings on Thursday, moving away from its strongest level in around four months as investors kept an eye on upcoming U.S. data to gauge if the world’s largest economy is strong enough to withstand multiple rate hikes in 2018. Gold futures notched a fifth session of gains on Wednesday, getting a boost as the U.S. dollar failed to see much of a bounce back from recent lows. U.S. economic data is likely to be in the spotlight on Thursday, as markets continue speculating how many times the Federal Reserve will raise interest rates this year. Besides the housing-related data, Thursday’s calendar also features a survey on manufacturing conditions in the Philadelphia region as well as weekly jobless claims figures.
U.S. Oil Prices Dip Ahead of EIA Weekly Supply Report – Crude prices were slightly lower in early dealings on Thursday, amid speculation weekly supply data due later in the day will show a sizable gain in U.S. gasoline and fuel supplies. There are often sharp divergences between the API estimates and the official figures from EIA. Prices have increased around 13% since early December, benefiting from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once. Analysts and traders have recently warned that U.S. shale oil producers could ramp up production in the coming weeks as they look to take advantage of higher prices, potentially derailing an OPEC-led effort to curb excess supply.
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