Gold prices held steady on Thursday, supported by a weaker dollar and consolidating the prior day’s gains after the Federal Reserve offered no surprises
Gold Prices Hold Steady with U.S. Labor Market and Fed in Focus – Gold prices held steady on Thursday, supported by a weaker dollar and consolidating the prior day’s gains after the Federal Reserve offered no surprises, while investors looked ahead to the release of monthly jobs report and references regarding the U.S. central bank. The Fed kept U.S. overnight interest rates unchanged on Wednesday and highlighted “solid” economic growth at the conclusion of its two-day policy meeting. Analysts said the U.S. monetary authority’s statement indicated that a rate hike next month is overwhelmingly likely as markets priced in the odds at 100%, according to Investing.com’s Fed Rate Monitor Tool. Gold prices are normally sensitive to moves higher in interest rates, which lift the opportunity cost of holding non-yielding assets such as bullion. However, the dollar moved lower against major rivals on Thursday with traders suggesting that the Fed’s lack of action and the end of the year hike was largely priced in by the market.
Crude Oil Prices Drop as Surge in U.S. Exports Weighs – Oil prices fell for a second-day running on Thursday as a surge in U.S. crude exports offset the data showing supplies of U.S crude oil and gasoline declined more-than-expected. The ongoing surge in U.S. crude exports comes as the widening spread between WTI crude and Brent oil prices continued to increase international demand for cheaper U.S. crude. The uptick in production overshadowed a mixed report from the Energy Information Administration (EIA) showing crude and gasoline stockpiles declined more than expected, while distillate fell less-than-expected. The dip in oil prices comes amid growing expectations for an extension to the output-cut agreement lifted crude prices to an eighth-month high after the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members signaled support for an extension ahead of the upcoming OPEC meeting in November. In May, OPEC producers agreed to extend production cuts for a period of nine months until March 2018. OPEC’s Secretary General Mohammad Barkindo noted last week comments from both Saudi Arabian Crown Prince Mohammed bin Salman and Russian President Vladimir Putin that suggested they were in favor of a nine-month extension for the current deal to cut production by 1.8 million barrels a day.
SHFE Nickel Keeps Strong, Setting New High since 2015 – Today see most ferrous metals open high and then keep volatile during entire day. Up to daytime closure, most varieties gained. There into, RB steel rises nealy 1%, iron ore rises over 2%, coke rises nearly 3% and coking coal rises over 5%. Only hot-rolled coil slightly drops. SHFE Base Metals open with a mixed situation and keep volatile during entire day. Differentiation continues. SHFE Nickel keeps strong and rises over 5%, leading base metals and setting new high since May, 2015.
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