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CAPITALSTARS – MCX COMMODITY EVENING MARKET NEWS UPDATES – 30 OCT 2018

CS MCX Commodity Evening mkt updates

BULLION:-

Gold prices fell on Tuesday as the U.S. dollar firmed on renewed fears of an intensification in the Sino-U.S. trade war and worries over slowing global economic growth. Investors took cover in the greenback after Bloomberg reported that Washington is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between U.S. President Donald Trump and Chinese President Xi Jinping fail to ease the trade war. A stronger dollar makes bullion more expensive for holders of other currencies. Gold prices have gained about 6 percent since declining to $1,159.96 an ounce in mid-August, the lowest since January 2017. Choppy sessions in global equity markets last week pushed gold to $1,243.32, its highest since July 17 on Friday.

ENERGY:-

Oil prices slipped on Tuesday, depressed by concerns that the U.S.-China trade dispute will dent economic growth and by signs of rising global supply despite upcoming sanctions against Iran. Both contracts have recovered ground over the last week but are around $10 a barrel below four-year highs reached in the first week of October. Oil has been caught in the global financial market slump this month, with equities under pressure from the trade war between the world’s two largest economies. markets found some support on Tuesday from reports that U.S. President Donald Trump thinks “a great deal” with China is possible on trade. for now the dispute between Washington and Beijing goes on and looks set to curb global economic growth and fuel demand. Consultancy JBC Energy said the oil price weakness was “probably driven by the wider negative market sentiment amid speculation about additional U.S. tariffs on Chinese imports, should upcoming talks fail to produce the desired results”.

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