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CAPITALSTARS – MCX NEWS UPDATE : Gold Prices Held Steady on Tuesday


BULLION – Bullion counter may trade with sideways bias as gold prices held steady on Tuesday as traders broadly remained on the sidelines ahead of an expected rate cut from the U.S. Federal Reserve this week. Oil exporter currencies held firm, while the U.S. dollar found broad support as recent attacks on Saudi oil facilities and the threat of military action in the region buoyed crude prices, while stocks were under pressure. U.S. President Donald Trump on Monday said it looked like Iran was behind attacks on oil plants in Saudi Arabia but stressed he did not want to go to war, while the attacks sent oil prices soaring and raised fears of a new Middle East conflict. The weekend bombings of Saudi Arabia’s main oil refinery have already stoked Trump to pressure the U.S. Fed to lower rates. Trump said on Monday that the United States has reached initial trade agreements with Japan on tariff barriers and digital trade that will not require congressional approval.

ENERGY- Crude oil may remain on upside path as oil shed some of its massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure. Investors otherwise broadly remained on the sidelines ahead of an expected interest rate cut from the U.S. Federal Reserve on Wednesday and the next round of U.S.-China trade talks on Thursday. Saturdays attack on Saudi oil facilities has halved the kingdoms oil output, creating the biggest disruption to global oil supplies in absolute terms since the overthrow of the Iranian Shah in 1979, International Energy Agency data show. U.S. President Donald Trump has authorised the release of emergency crude stockpiles if needed, which could ease some upward pressure on crude futures. Trump said on Monday it looked like Iran was behind the attacks but stressed that he did not want to go to war, striking a slightly less bellicose tone than his initial reaction.

BASE METAL – Base metals may trade with weak bias as industrial metals fell on Tuesday after top consumer China released a slew of weak economic data that raised concerns about demand from the worlds second-largest economy. Chinas industrial production grew at the weakest pace in 17-1/2 years last month and fixed-asset investment in January-August increased at a slightly lower rate than expected, data released on Monday showed. Deputy-level U.S.-China trade talks are scheduled to start in Washington on Thursday, the U.S. Trade Representatives office said, paving the way for high-level talks in October aimed at resolving a bitter trade war. The Peoples Bank of China extended 200 billion yuan ($28.27 billion) of loans from its medium-term lending facility on Tuesday to maintain liquidity but kept the one-year lending rate unchanged at 3.3%. Belgiums Nyrstar has temporarily reopened an old lead processing plant in the state of South Australia after receiving a permit from the states environmental protection authority, it said on Monday. A nickel mining hub in the southern Philippines, which produces mostly high-grade material, has suspended extraction operations indefinitely as the regional government conducts an industry audit.

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