Gold prices nudged up on Wednesday after hitting their highest in over three months in the previous session, with international political and economic uncertainty underpinning safe-haven demand for the metal. President Donald Trump said on Tuesday that Saudi authorities staged the “worst cover-up ever” in the killing of prominent journalist Jamal Khashoggi this month, as the United States vowed to revoke the visas of some of those believed to be responsible. Gold prices nudged up on Wednesday after hitting their highest in over three months in the previous session, with international political and economic uncertainty underpinning safe-haven demand for the metal.
London copper recovered some earlier losses and closed at $6,183/mt overnight as the US dollar index dipped. The SHFE 1812 contract opened lower overnight and dropped to the lowest so far this week at 49,820 yuan/mt. It then rose to 50,240 yuan/mt. As some longs booked profits, the contract edged down by closing but still stood above 50,000 yuan/mt. Copper prices may struggle to find much upside as China’s recent fiscal stimulus have yet to boost downstream demand and Q4 infrastructure.
Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from U.S. sanctions starting next month on Iran’s petroleum exports. Energy Minister Khalid al-Falih said at an investment conference in Riyadh on Tuesday that despite expected supply disruptions from U.S. sanctions.
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