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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 17 APR 2018

CS MCX Commodity Evening mkt updates

Gold Drifts Lower As Investors Dump Safe Havens Gold prices drifted lower on Tuesday, as investors wagered U.S.-led attacks on Syria would not escalate into a wider conflict in the Middle East, dampening demand for the safe-haven asset. While Saturday’s missile strikes were the biggest intervention by Western countries against Syria, investor risk appetite improved on speculation that the attacks would not lead to prolonged conflict. Gold prices ended higher Monday, boosted by weakness in the dollar. On the central bank front, market players will also pay close attention to comments from a number of Fed speakers for insights into the outlook for monetary policy. Traders are currently pricing in around a 95% chance of a rate hike in June, according to Investing.com’s Fed Rate Monitor Tool. Odds of a third rate hike by December was seen at about 85%.

Oil Prices Bounce Back As Focus Shifts to U.S. Supply Data Oil prices edged higher on Tuesday, as investors looked ahead to fresh data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise. Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT). Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 1.9 million barrels.  Oil ended lower on Monday, giving back some of last week’s sharp gains, as concerns over tensions in the Middle East waned with investors taking the view that Western-led strikes on Syria were a one-off intervention. While Syria is not a significant oil producer itself, the wider Middle East is the world’s most important crude exporter and tension in the region tends to put oil markets on edge. A rise in U.S. drilling for new production also dragged on prices.

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