Wednesday, 9 December 2015

MCX Bullion News Updates


Gold prices-Gold was treading water on Thursday as investors stuck to the sidelines ahead of a widely anticipated U.S. rate hike next week, with even a slump in the dollar failing to trigger interest in the metal. Bullion investors are cautious as the U.S. central bank is expected to raise interest rates for the first time in nearly a decade at its next policy meeting on Dec. 15-16. Weakness in oil could trigger fears of deflation, a bearish factor for gold, which is often used as a hedge against oil-led inflation.

MCX Copper Tips-LME copper will be offered at USD 4,580-4,610/mt during Asian trading hours Thursday. Market attention will focus on US jobless claims, the Bank of England (BOE)’s policy decision and OPEC’s crude oil stocks report on Thursday. The BOE is likely to stand pat on monetary policy. The Confederation of British Industry (CBI) cut its growth forecast for UK economy in coming three years. Inflation in the UK is tepid, so is its manufacturing sector. These will give the BOE no reason to tighten monetary policy. That said, it is widely expected that the BOE will begin raising interest rate in 2016.


Crude oil prices-U.S. crude oil prices edged up in early Asian trading on Thursday, supported by a fall in crude inventories after 10 straight weeks of builds, but oversupply and cheap oil are still dominating the broader market. The Organization of the Petroleum Exporting Countries last week decided not to cut production in defense of prices. It also ditched even formal output quotas as member states compete for market share amongst each other and with outside competitors like Russia and North American shale drillers.

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