Gold prices rose on Friday as investors sought safe haven assets amid fears of a chaotic departure for Britain from the European Union. Spot gold was up 0.2 percent at $1,214.77 per ounce at the time of writing, while U.S. gold futures rose 0.1 percent to $1,215.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, inched up about 0.1 percent. Prime Minister Theresa May vowed to fight for her draft divorce deal with the EU on Thursday after the resignation of her Brexit secretary and other ministers put her strategy and her job in peril.
Shanghai zinc jumped more than 2.5 percent to the highest in more than two weeks on Thursday amid sliding stockpiles in London and signs that China may be taking steps to de-escalate its trade dispute with the United States. China has delivered a written response to U.S. demands for wide-ranging trade reforms ahead of expected talks between U.S. President Donald Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina later this month.
Volatile natural gas plummeted 18 percent on Thursday, reversing nearly all of Wednesday’s sharp gains, after U.S. inventories showed a slight increase in supply. Selling was already underway even before the report from the Energy Information Administration showed natural gas supplies rose by 39 billion cubic feet. Total gas in storage now stands at 3.247 trillion cubic feet, but is still 15 percent below the 5-year average and 14 percent below last year. Gas supply is at a 15-year low for this time of year; at the same time, cold weather has driven strong early heating demand.
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