Monday, 5 September 2016

Live Commodity Market News ; Oil Prices Dip in Asia

Oil prices slipped in Asia today with traders disappointed by a lack of detail from Russia and Saudi Arabia on their plans to stabilise the crude market following talks at the weekend. President Vladimir Putin met Deputy Crown Prince Mohammed bin Salman on the sidelines of the G20 in China yesterday and said they would work to address a global glut and overproduction that has hammered prices for the past two years. 

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Gold held steady on Monday after climbing as much as over 1 per cent in the previous session as a weaker-than-expected US jobs data trimmed expectations of a Federal Reserve rate hike in September. US employment growth slowed more than expected in August after two straight months of robust gains and wages were tepid.

"The disappointment in the nonfarm payrolls data has been translated into optimism for gold prices at the moment. We can expect prices to further rebound to $1,350 in a short-term," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.

Spot gold was mostly unchanged at $1,324.16 per ounce by 0347 GMT. The metal rose 0.9 per cent to $1,324.65 on Friday.US gold futures were up slightly at $1,327.90."Gold should continue to see interest support following Friday's jobs data as the chances of an interest rate rise in September pull back," MKS PAMP Group precious metals trader Sam Laughlin said in a note.

1 comment:

  1. Overnight, gold rates shrugged off a recoil in the dollar as investors continued to imagine the Federal Reserve’s policy declaration to show that the Fed policy makers voted to depart rates unchanged at their 31 Oct. to 1st Nov. meeting.

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