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Gold prices traded marginally down Friday morning as investors purchased riskier assets instead of seeking a safe haven in gold, amid hopes for a new round of U.S.-China trade talks. Spot gold declined 0.3 percent to $1,202.30 per ounce, after earlier hitting its highest level since Aug. 28 at $1,212.49. Bullion gained 0.7 percent in the previous session in its biggest single-day rise since Aug. 24. U.S. gold futures for December delivery settled down $2.70, or 0.2 percent, at $1,208.20 per ounce. The dollar index declined against a basket of major currencies after data showed U.S. consumer prices increased less than expected in August, paring traders’ outlook that domestic inflation is accelerating. A weaker dollar typically makes dollar-priced gold less expensive for holders of other currencies, but the correlation broke on Thursday. The CPI data came after soft U.S. wholesale price data undermined the case for a faster pace of policy tightening by the Fed. The U.S. central bank is widely expected to raise benchmark interest rates at its September meeting. Higher rates make gold less attractive since it does not pay interest and costs to store and insure. In trade talks, senior U.S. officials sent an invitation to their Chinese counterparts to hold another bilateral trade meeting, raising speculation about a subtle shift in Washington’s policy. Gold prices have fallen nearly 12 percent since a peak in April amid intensifying global trade tensions and under pressure from rising U.S. interest rates.


London copper edged lower on Friday, pulling back from a two-week high reached in the prior session, as investors exercised caution ahead of possible trade talks between the United States and China to resolve an escalating tariff war. China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks. Investors were also eyeing a slew of Chinese data due out this morning for trading cues, including industrial output and retail sales. Three-month copper on the London Metal Exchange was down 0.3 percent at $6,015 a tonne. The industrial metal has gained 1.4 percent so far this week, having hit a two-week top of $6,074 on Thursday. The mosttraded November copper contract on the Shanghai Futures Exchange rose 0.7 percent to 48,560 yuan a tonne. The dollar sagged after weaker-than-expected U.S. inflation data further burdened a currency already weighed down by signs of reduced trade tensions between the United States and China. In other metals, LME aluminium slipped 0.6 percent to $2,052.50 a tonne and zinc was steady at $2,359.50.


Oil on Friday clawed back some of its losses from the previous session, when prices fell the most in a month, as concerns about oil supply are countering worries that emerging market crises and trade disputes could dent demand. Brent crude was up 8 cents, or 0.1 percent, at $78.26 a barrel, after falling 2 percent on Thursday. The global benchmark rose on Wednesday to its highest since May 22 at $80.13. U.S. West Texas Intermediate (WTI) futures were up 18 cents, or 0.2 percent, at 68.76 a barrel, after dropping 2.5 percent on Thursday. Brent is heading for a 1.8 percent gain this week, while WTI is on track for a 1.5 percent increase. The International Energy Agency on Thursday warned that although the oil market was tightening at the moment and world oil demand would reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting. China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks. U.S. President Trump said on Twitter on Thursday that the United States holds the upper hand in talks. Still, supply concerns are supported by data showing that U.S. crude production fell by 100,000 bpd to 10.9 million barrels per day last week as the industry faces pipeline capacity constraints.

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