Gold prices inched higher in early Asian trade on Thursday, recovering from a three-week low hit in the previous session as the US dollar eased. Spot gold was up 0.2 per cent at $1,216.23 an ounce, as of 0123 GMT, after three sessions of falls in a row. Prices fell to their lowest since Oct. 11 at $1,211.52 an ounce on Wednesday. US gold futures rose 0.2 per cent to $1,217.8 an ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.2 per cent.
As shorts added their positions after the dollar refreshed its 16-month high, LME copper fell off its daily moving average to a low of $5,984/mt and ended at $5,999.5/mt overnight. The SHFE 1812 contract dropped to session-lows of 48,710 yuan/mt after climbing to a high of 49,290 yuan/mt. It regained some losses by the closing bell overnight.
Oil prices fell early on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown. Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent falling 8.8 percent for the month and WTI dropping 10.9 percent.
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