BULLION : –
Gold prices were steady in early Asian trade on Monday as the dollar eased, while investors are tuned in to the U.S. congressional elections on Tuesday. Spot gold was steady at $1,232.86 per ounce, at the time of writing. U.S. gold future was up 0.1 percent at $1,234.6 per ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 percent. Investors are now focused on the U.S.congressional elections on Nov. 6, which will determine whether the Republican or Democratic party controls Congress, with some predicting increased market volatility on the outcome.
Oil prices dipped on Monday as the start to U.S. sanctions against Iran’s fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily. U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $62.87 a barrel. Brent has lost more than 16 percent in value since early October, while WTI has declined by more than 18 percent since then. Prices have been coming under pressure since it became clear that Washington was allowing several countries to continue importing crude from Iran despite the sanctions, which officially started on Monday.
London copper took a breather on Monday after hitting a two-week peak in the previous session following comments by the U.S. president that the United States may be approaching a trade deal with China. London Metal Exchange copper slipped by half a percent to $6,253 a tonne at the time of writing, paring 3.2 percent gains on Friday when prices reached the highest in two weeks at $6,315 a tonne.
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