Gold prices inched up early Tuesday as Asian stocks faltered, weighed down by political tensions between Saudi Arabia and Western powers, uncertainties around Brexit and Italy’s budgetary woes. U.S. President Donald Trump said he was still not satisfied with what he has heard from Saudi Arabia about the killing of journalist Jamal Khashoggi in Turkey, but did not want to lose investment from Riyadh.
As the US dollar index rebounded past 96, LME copper dropped to a low of $6,221.5/mt on Monday after it rose to a high of $6,331.5/mt. Despite a higher open, the SHFE 1812 contract fell overnight as shorts were keen to build their positions. China’s central bank said on Monday that it will boost relending and rediscount quotas by 150 billion yuan to aid financing needs of small enterprises, as part of the government’s measures to strengthen private sector support.
Oil prices fell on Tuesday after Saudi Arabia pledged to play a “responsible role” in energy markets, although sentiment remained nervous in the run-up to U.S. sanctions against Iran’s crude exports that start next month. U.S. sanctions against Iran’s oil exports are due to kick off on Nov. 4, with Washington pressuring governments and companies worldwide to fall in line and cut imports from the Middle Eastern nation.
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