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Tag Archives: commodities

OPEC to be Discussing 9 Month Extension to Oil Production Cut Deal

OPEC members are reportedly forming a consensus around extending their production cutting deal with other crude exporters by nine months, a move that would help to put a floor under oil prices. That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year. The exporters reached the deal last December and have...

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Gold Lower After US PPI Rose in September

Gold prices ticked down as producer inflation pressures in the U.S. met expectations for September. Producer Price Index (PPI) rose 0.4% last month following an increase of 0.2% in August, the U.S. Labor Department said on Thursday. According to consensus forecasts, economists were expecting to an increase of 0.4%. The annual PPI advanced to 2.6% in September, which marked the quickest pace ...

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Gold Rally Continues on Holiday Monday

After an uneventful week, gold has started the week with gains. In Monday’s North American trade, the spot price for an ounce of gold is $1280.61, up 0.37% on the day. There are no US releases today, and banks are closed for Columbus Day. Gold prices moved higher on Friday, as Nonfarm Employment Change shocked the markets by wiping out 33 thousand jobs in September, much weaker than the estimate of a gain...

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Iraqi Kurdish Flight Ban Starts Today

A ban on international flights into Iraq’s Kurdish region was being imposed on Friday after the Baghdad government retaliated against a vote for independence that has drawn opposition from foreign powers. Iraq’s Kurds overwhelmingly backed independence in a referendum on Monday, defying neighboring countries which fear the vote could lead to renewed conflict in the region. Almost all foreign airlines suspended flights to Erbil and Sulaimaniya, obeying a notice from the government in...

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Dollar Hits 6-Week High, Stocks Climb Higher: Market Update

Overview The direction of US monetary policy has become more transparent thanks to Federal Reserve chair Janet Yellen’s latest speech. Yellen boosted expectations for a December rate hike, sending the dollar to a 12-week high. Meanwhile, the US political agenda seems more murky. President Trump will announce his highly-anticipated tax plan today which will ignite a tussle in Congress. Currencies The euro is 0.2...

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Gold Dips to $1300 as Greenback Improves, Markets Eye Yellen Speech

Gold has posted losses in on Tuesday, erasing most of the gains which marked the Monday session. In North American trade, the spot price for an ounce of gold is $1300.15, down 0.79% on the day. Gold prices faltered despite lukewarm US numbers on Tuesday, as the US dollar moved higher against the euro, yen and the British pound. CB Consumer Confidence dipped to 119.8, shy of the estimate of 119.9 points. On the housing front, New Home Sales ...

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Stocks Mixed, Euro Dives As N. Korean Tensions Escalate

Overview Complicated German coalition talks have put a cap on euro gains. The single currency is 0.28% weaker against the dollar. The decline should be temporary as investors turn their focus on Federal Reserve chair Janet Yellen’s speech later today. Tensions in North Korea have reignited appetite for safe-haven assets. Gold, US government bonds, Japan’s yen and the Swiss franc all rallied on...

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Gold Higher Ahead of FOMC Meeting

Gold prices are higher in early U.S. trading, on bargain hunting and short covering ahead of the conclusion of an important Federal Reserve meeting Wednesday afternoon. There is also a bit of safe-haven demand for gold following a fiery speech by U.S. President Trump at the U.N. on Tuesday. December Comex gold was last up $7.50 an ounce at $1,318.10. December Comex silver prices were last up $0.111 at $17.39 an ounce. World markets have ...

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US Trade Representative Says NAFTA Negotiations Moving Quickly

U.S. trade envoy Robert Lighthizer said on Monday negotiations with Canada and Mexico on modernizing NAFTA were moving quickly, but it was too soon to know whether the sides will reach a conclusion before elections in Mexico and the United States. “We’re moving at warp speed but we don’t know whether we’re going to get to a conclusion,” Lighthizer told...

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Gold Dips as U.S. PPI Rebounds, Risk Appetite Increases

Gold has posted losses in the Wednesday session, erasing the gains seen on Tuesday. In the North American session, the spot price for an ounce of gold is $1322.30, down 0.77%. On the release front, inflation numbers improved in August, although these were shy of their estimates. PPI improved to 0.2%, short of the estimate of 0.3%. As well, Core CPI gained 0.1%, missing...

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