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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 15 MAY 2018

CS MCX Commodity Evening mkt updates

Gold Prices at 1-Week Lows as Rising U.S. Bond Yields Weigh Gold prices fell to one week lows on Tuesday as rising U.S. Treasury yields dampened investor demand for the precious metal. The yellow metal slid as the yield on 10-year U.S. Treasury notes ticked up to 3.025%, the highest level in three weeks. A rise above the high of 3.035% reached on April 25 would take it to its highest since early 2014. Higher Treasury yields can spell weakness for gold which, like other commodities, offers no yield. U.S. bond yields were boosted by signs of easing trade tensions between the U.S. and China after U.S. President Donald Trump pledged to help Chinese technology company ZTE (HK:0763). Last month, the Trump administration barred U.S. companies from selling to ZTE, effectively crippling the company. The dollar edged higher, with the U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, last at 92.62, pulling away from Monday’s lows of 92.11, the weakest since May 2. A stronger U.S. currency makes dollar denominated gold more expensive for overseas buyers.

Oil Holds Gains as Mideast Clashes Raise Risks After Saudi Cuts Oil held gains near $71 a barrel after escalating conflict in the Middle East raised geopolitical risks and as most OPEC members cut output more than required last month. Futures in New York were little changed after rising 0.4 percent on Monday. Dozens of Palestinians were killed in clashes with Israeli troops in Gaza after the U.S. opened an embassy in Jerusalem. Meanwhile, Saudi Arabia pumped the least crude since output cuts began in early 2017, with all nations in the Organization of Petroleum Exporting Countries except Iraq exceeding or matching curbs pledged under a deal aimed at clearing a glut. Oil rallied this month to the highest since 2014 as tensions in the Middle East escalated and after U.S. President Donald Trump withdrew from a 2015 accord that had curbed Iran’s nuclear program in exchange for sanctions relief. Investors are watching whether OPEC and its allies such as Russia intend to end output cuts and increase production if renewed American measures restrict the Persian Gulf state’s exports.

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