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Gold prices edged up on Wednesday after falling as much as 1 percent in the previous session, but Sino-U.S. trade tensions continued to drag on the precious metal. Spot gold was up 0.1 percent at $1,202.46 an ounce. Prices hit their highest since Aug. 10 at $1,214.28 on Tuesday, but fell as much as 1 percent later in the session. U.S. gold futures were down 0.5 percent at $1,208.90 an ounce on Wednesday. U.S. and Chinese officials ended two days of talks last week with no major breakthrough as their trade war escalated with activation of another round of duelling tariffs. The dollar, which had risen recently on safe-haven buying from investors nervous about the trade dispute and U.S. interest rate hikes, slipped to four-week lows on Tuesday after a trade deal between U.S. and Mexico. The dollar index, which measures the greenback against a basket of currencies, was mostly steady on Wednesday at 94.756. In recent months, investors have sought safety from global trade conflict in U.S. Treasuries, which entails buying dollars. In Washington, Canada’s main trade negotiator was in talks to preserve a three-nation North American Free Trade Agreement following Monday’s deal between the United States and Mexico. Holdings of SPDR Gold Trust, the world’s largest goldbacked exchange-traded fund, fell 0.62 percent to 759.87 tonnes on Tuesday from Monday.


London copper drifted lower on Wednesday as the dollar recovered from a four-week trough and investors exercised caution with no resolution in sight for an escalating U.S.-China trade dispute. Three-month copper on the London Metal Exchange was down 0.4 percent at $6,124 a tonne, retreating from a two-week peak of $6,167 reached on Tuesday. On the Shanghai Futures Exchange, the most-traded October copper rose 0.6 percent to 48,920 yuan ($7,117) a tonne, tracking overnight gains in London. The dollar inched higher after touching a four-week low overnight as optimism over the U.S.-Mexico trade deal gave way to caution ahead of an upcoming deadline in the China-U.S. trade dispute. A firmer greenback makes dollar-denominated assets costlier for holders of other currencies. In other news, Canada’s top trade negotiator praised Mexico’s trade concessions on autos and labor rights as she rejoined NAFTA talks, while U.S. lawmakers warned that a bilateral U.S.-Mexico trade deal would struggle to win approval in Congress. The deadline for public comment on U.S. President Donald Trump’s plan to impose 25 percent tariffs on another $200 billion of Chinese goods will be on Sept. 5. that would be keenly watched by traders for further developments in the ongoing trade tensions.


Oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of U.S. sanctions but held in check by rising production outside the Organization of the Petroleum Exporting Countries. International Brent crude oil futures LCOc1 were at $76 per barrel, up 5 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 6 cents at $68.59 a barrel. Crude prices have been supported by the prospect of U.S. sanctions against Iran, which will start to target its oil industry from November. Bowing to pressure from Washington, many crude buyers have already reduced orders from OPEC’s third-biggest producer. Although Tehran is offering steep discounts, Iran’s August crude oil and condensate loadings are estimated at 2.06 million barrels per day (bpd), versus a peak of 3.09 million bpd in April. Another concern is crisis-struck OPEC-member Venezuela, where oil exports have dropped by half since 2016 to below 1 million bpd. To stem tumbling output, Venezuelan staterun oil firm PDVSA said on Tuesday it had signed a $430 million investment agreement to increase production by 640,000 bpd at 14 oil fields, valuing the investment at $430 million. In the United States, crude oil inventories rose by 38,000 barrels to 405.7 million barrels in the week to Aug. 24, industry group the American Petroleum Institute said on Tuesday.

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