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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 11 MAY 2018

CS MCX Commodity Evening mkt updates

Gold Prices Edge Down As Dollar Steadies After Inflation Data Gold prices edged down on Friday as the dollar bounced from a fall after the CPI figures missed in America. Meanwhile, the dollar retreated from this year’s high after the U.S. released soft CPI data, but rose slightly against the other major currencies on Friday in Asia as sentiment picked up as investors trimmed expectations for four rate hikes after the slower-than-expected inflation report showed prices pressures remained weak. The greenback reached this year’s new high on Wednesday at 93.22, then continued to slip back on Friday to trade below the 93 level. Its uptrend since mid-April is still intact, however. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

Oil Prices On Track For Weekly Gains of 2% Ahead of U.S. Shale Production Data Oil prices moved lower on Friday in European morning trade as investors took profit after strong weekly gains as they turned their attention to data on U.S. shale production Despite Friday’s drop, U.S. crude was on track for weekly gains of around 2.2%, while Brent was up 3.2% on the week. Bulls piled into black gold this week as President Donald Trump announced that the U.S. would withdraw from the Iran nuclear deal, re imposing sanctions on Tehran. The sanctions, which are expected to reduce global supply, come amid an oil market that has already been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and top producer Russia have led efforts since 2017 to withhold oil supplies to prop up prices. Some analysts have commented that the impact may be lessened if other members of the Organization of the Petroleum Exporting Countries (OPEC) step in to replace the potential supply disruption.

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