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Gold edged down on Friday but held near an over two-month high hit in the previous session, when prices surged over 2 percent as a rout in global stock markets boosted the metal’s safe-haven appeal. Spot gold was down 0.2 percent at $1,221.06 an ounce at the time of writing. On Thursday, it jumped about 2.5 percent after marking its highest since July 31 at $1,226.27. That was also the metal’s best one-day percentage gain since June 2016. U.S. gold futures were down 0.3 percent at $1,224.50 an ounce. Worries about the economic impact of the Sino-U.S. trade war, a spike in U.S. bond yields this week and caution ahead of earnings seasons have all been cited as potential reasons behind the selloff, the biggest market rout since February.


London aluminium steadied on Friday after metals were caught in a widespread market sell-off this week, but it was set for its biggest weekly drop since June as concerns over raw material costs eased. LME aluminium had edged up 0.3 percent to $2,027 a tonne at the time of writing – still holding above the $2,000 level that has been its base since April. Prices were on course for a loss of nearly 4 percent this week, extending 2018’s drop to 11 percent. Putting downward pressure on raw material costs, aluminium maker Norsk Hydro said it would resume half production at its giant Brazilian alumina plant, just days after declaring it would shut down completely. Shanghai Futures Exchange copper rose half a percent to 50,450 yuan ($7,312) a tonne. Open interest in China’s copper contract is the lowest in 15 months. U.S. President Donald Trump warned on Thursday there was much more he could do that would hurt China’s economy further, showing no signs of backing off an escalating trade war with Beijing. In the data released today, China recorded a record trade surplus of $34.13 billion with the U.S. in September amid intense trade tensions between the world’s two largest economies. The September surplus with the U.S. was larger than China’s overall trade surplus of $31.69 billion for the month.


Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 percent for the week. U.S. West Texas Intermediate (WTI) crude futures were up 11 cents at $71.08 a barrel, after falling 3 percent in the previous session to the lowest since Sept. 21. U.S. crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts’ expectations of a 2.6 million-barrel increase. The Organization of the Petroleum Exporting Countries cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets. OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday.

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