Gold prices were steady in early Asian trade on Friday, after rising about 1.5 percent in the previous session, while the dollar inched up ahead of the U.S. payrolls data due later in the day. According to a Reuters survey of economists, nonfarm payrolls probably rebounded by 190,000 jobs in October after Florence depressed restaurant and retail payrolls in September. U.S. President Donald Trump and Chinese President Xi Jinping both expressed optimism on Thursday about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentina.
LME copper closed near day-highs of $6,143/mt overnight as the US dollar index came off from multi-month highs on weak-than-expected economic data and a rebound in the pound. SHFE copper also closed near session-highs overnight, which returned it to the 60-day moving average. In the physical market, cash flow issues prompted sellers to offload cargoes while spot premiums rose from previous declines in prices of futures.
Oil prices fell on Friday as surging output by the world’s three largest producers outweighed supply concerns from the start of U.S. sanctions next week against Iran’s petroleum exports. Crude oil prices took a severe hit as investors were unnerved on rising global inventories and record high output in 2018,” said Benjamin Lu of brokerage Phillip Futures. Brent has fallen by over 12 percent since the beginning of October, while WTI has lost more than 13 percent in value.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647