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Gold prices inched higher in early Asian trade on Thursday, recovering from a three-week low hit in the previous session as the US dollar eased. Spot gold was up 0.2 per cent at $1,216.23 an ounce, as of 0123 GMT, after three sessions of falls in a row. Prices fell to their lowest since Oct. 11 at $1,211.52 an ounce on Wednesday. US gold futures rose 0.2 per cent to $1,217.8 an ounce. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.2 per cent. The strong jobs market is gradually putting upward pressure on compensation, with other data on Wednesday showing a solid increase in labor costs in the third quarter. British Prime Minister Theresa May has struck a tentative deal with the European Union that would give UK financial services companies continued access to European markets after Brexit, the Times reported on Thursday. Euro zone inflation accelerated last month, providing further rationale for the European Central Bank’s decision to dial back stimulus even as growth is slowing more sharply than most had forecast. The US Mint sold 22,000 ounces of American Eagle gold coins in October, up 7.3 per cent from the previous month, according to the latest data.


As shorts added their positions after the dollar refreshed its 16-month high, LME copper fell off its daily moving average to a low of $5,984/mt and ended at $5,999.5/mt overnight. The SHFE 1812 contract dropped to session-lows of 48,710 yuan/mt after climbing to a high of 49,290 yuan/mt. It regained some losses by the closing bell overnight. Both LME and SHFE copper now stand below their 60-day moving averages. In the domestic physical market, trades were thin in the last trading day of October. LME copper is expected to trade at $5,990-6,040/mt today with the SHFE 1812 contract at 48,900-49,400 yuan/mt. Spot discounts are seen at 50-20 yuan/mt.


Oil prices fell early on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown. Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent falling 8.8 percent for the month and WTI dropping 10.9 percent. Thursday’s drops came after U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week. Strong built in oil inventories is likely to keep downward pressure on oil prices,” ANZ Research analysts said in a note. China delivered disappointing PMI data, with its manufacturing sector in October expanding at its weakest pace in over two years.

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