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

CS MCX Commodity Evening mkt updates

Gold Prices Reverse Gains, Near 2018 Lows Gold prices reversed early gains on Thursday, falling back towards the lowest levels since December as a stronger dollar and rising U.S. government bond yields continued to weigh on demand for bullion. The precious metal plumbed a low of $1,285.70 on Wednesday, the weakest level since December 27. Gold has slumped as expectations of higher U.S. interest rates have pushed up bond yields and the dollar. Higher Treasury yields can spell weakness for gold which, like other commodities, offers no yield, while a stronger U.S. currency makes dollar denominated gold more expensive for overseas buyers. The yield on 10-year U.S. Treasury notes rose as high as 3.117% overnight, the highest level since 2011. Bond yields move inversely to prices. Yields have climbing higher since the Federal Reserve said at its May meeting that inflation is moving closer to its 2% target. The Fed raised rates in March and projected two more rate hikes this year, although many investors see three hikes as possible.

Oil Surges to Highest Level Since 2014 Oil prices surged on Thursday, as data showed that U.S. crude and gasoline stockpiles have fallen. The price of oil was supported by data showing that U.S. crude inventories have decreased, offsetting fears of a global demand slowdown. According to the latest weekly report from the U.S. Energy Information Administration, U.S. crude inventories fell by 1.4 million barrels in the week to May 11, compared with analyst expectations for a 763,000 barrel decrease. Meanwhile the International Energy Agency revised its global outlook for 2018 down from 1.5 million barrels per day (bpd) to 1.4 million pbd due to the expected increase in prices for the rest of the year. Looming sanctions against OPEC-member Iran by the U.S. has contributed to rising oil prices and the market is expected to tighten for the rest of the year, the agency said on Wednesday. Oil prices have jumped over 70% in the last year due to a rise in demand and restricted supply by the Organization of the Petroleum Exporting Countries (OPEC).

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