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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 09 FEB 2018

CS MCX Commodity Evening mkt updates

Gold Prices Little Changed as U.S. Dollar Retreats, Bond Yields Rise Gold prices were little changed on Friday, as the U.S. dollar declined following news of another U.S. government shutdown although a budget bill was expected to be passed before the weekend, while U.S. bond yields turned back higher. Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency. However, the greenback’s losses were expected to remain limited as U.S. bond yields turned higher again. The yield on benchmark 10-year Treasury notes was still hovering near a recent four-year peak on Friday.

Oil falls for sixth day as supply fears mount Oil prices fell for a sixth day on Friday after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies. The falls come amid a rout in global share markets as inflation fears grip investors. “Bets on further rising oil and metals prices, for example by hedge funds, have climbed to excessively bullish levels,” said Carsten Menke, commodities research analyst at Swiss Bank Julius Baer. “We see oil prices dropping towards and below $60 per barrel,” he said. OPEC member Iran on Thursday announced plans to increase production within the next four years by at least 700,000 barrels a day.

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