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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 05 JAN 2018

CS MCX Commodity Evening mkt updates

Gold Prices Pull Back From 4-Month Highs – Gold prices pulled back from a four-month peak on Friday, as the U.S. dollar regained some ground ahead of the release of U.S. employment data due later in the day. The greenback had come under pressure after the release of mixed U.S. economic reports on Thursday. The data came a day after Federal Reserve policymakers acknowledged, in the minutes of the Fed’s December meeting released Wednesday, that the U.S. labor market and economic activity remain strong, despite persistently low inflation. The minutes seemed to suggest that the central bank will continue to raise rates gradually but the pace could pick up if inflation rises.

Oil slips away from 2015 highs as doubts emerge over rally – Oil prices fell on Friday, dropping away from highs last seen in 2015, as soaring U.S. production undermined a 10-percent rally from lows hit in December that was driven by tightening supply and political tensions in OPEC member Iran. Traders said political tensions in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), had pushed prices higher. “The protests in Iran add more fuel to the already bullish oil market mood,” said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer.Oil prices have received general support from production cuts led by OPEC and by Russia, which started in January last year and are set to last through 2018, as well as from strong economic growth and financial markets.

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