Gold prices inched a bit higher on Tuesday, but remained within sight of their lowest level in around three weeks as investors
Gold Prices Near 3-Week Lows Ahead of Fed Meeting, Trump Speech – Gold prices inched a bit higher on Tuesday, but remained within sight of their lowest level in around three weeks as investors looked ahead to a Federal Reserve policy meeting for any new insight on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its balance sheet. The yellow metal suffered its fifth decline in six sessions on Monday, as gains in the U.S. dollar and record highs for benchmark U.S. stock indexes pushed prices lower. The Fed is widely expected to keep interest rates unchanged at the conclusion of its two-day policy meeting on Wednesday, but is likely to announce a plan to start shrinking its massive $4.5 trillion balance sheet in an effort to normalize policy. Markets will be looking for further clues on the timing of the next rate hike, with around 60%of market players expecting a move by December, according to Investing.com’s Fed Rate Monitor Tool. Besides the Fed, North Korea’s nuclear ambitions will be center stage when U.S. President Donald Trump addresses world leaders at the United Nations at 10:30AM ET (1430GMT) on Tuesday. Senior White House officials said Trump would also target Iran’s nuclear program, single out Venezuela for criticism and refer to Islamist militants as “losers,” in his first appearance in the green-marbled U.N. General Assembly hall.
Crude Oil Prices Rise Back Toward 5-Month Highs as Focus Shifts to U.S. Stockpile Data, OPEC Meeting – Crude oil prices rose back toward the five-month highs seen last week on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to weigh what the impact of recent storm activity was on supply and demand. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock gain of around 2.9 million barrels, which would mark the third weekly increase in a row. il prices settled slightly lower on Monday, after posting a roughly 5% gain last week. Market players looked ahead to a meeting Friday between the Organization of the Petroleum Exporting Countries and other producers regarding a possible extension of production caps. OPEC and its allies are discussing extending by more than three months the oil production cuts that expire in March 2018, potentially prolonging them well into the second half of next year, according to people familiar with the matter. OPEC and other producers, including Russia, have agreed to reduce output by about 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support oil prices. Traders said they were closely eying the path of Hurricane Maria, another top category Atlantic storm that hit the Caribbean islands on Tuesday, to see whether it would knock out refineries or disrupt shipping to and from the huge U.S. market.
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