There Gold prices held steady on Wednesday despite a rise in equities, with investors waiting for minutes from the US Federal Reserve’s latest policy meeting for any fresh clues on the pace of interest rate hikes. Spot gold was up 0.1 per cent at $1,224.70 an ounce at 0100 GMT. On Monday, it touched its highest since July 26 at $1,233.26 an ounce. US President Donald Trump heaped more criticism on the Fed in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public.
As the dollar strengthened, LME copper tumbled in late trading on Thursday and ended at $6,132/mt. It has closed lower for four consecutive days. The SHFE 1812 contract became the most traded SHFE copper contract overnight. As longs added and shorts cut their positions, the contract crept past the 50,000 yuan/mt level after it dropped to a low of 49,720 yuan/mt.
Oil prices nudged higher on Friday but were set for a second weekly drop amid higher U.S. crude inventories, an ongoing Sino-U.S. trade war and concerns over the death of a prominent Saudi journalist. For the week, U.S. crude was down 3.5 percent, while Brent was 1.1 percent lower, putting both on track for a second consecutive weekly decline. U.S. crude stocks last week climbed 6.5 million barrels, the fourth straight weekly build, almost triple the amount analysts had forecast, the U.S. Energy Information Administration said on Wednesday.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647