On Wednesday, spot gold prices ended lower by 0.08 percent to close at $1471.2 per ounce. Uncertainties revolving around the prolonged trade spat seemed to ease down after U.S. issued licenses for some of their companies to deal with the Chinese firm, Huawei which was earlier blacklisted.
However, no concrete outcome of the 16 month long trade war continued to weigh on the market sentiments in turn limiting the downfall in prices.
Tension escalated between both the nations after U.S. passed a bill requiring annual certification of Hong Kong’s autonomy. China has asked U.S. to stop interfering in their internal matter. President Donald Trump threatened of imposing fresh tariffs on China if the two nations fail to strike a deal soon which weighed on the market sentiments.
On Wednesday, Spot Silver prices ended marginally lower by 0.03 percent to close at $17.1 per ounce while prices on the MCX dipped by 0.10 percent to close at Rs.44819.0 per kg.
Fading optimism over a possible trade deal between U.S. & China amid rising political tension in Hong Kong might boost the demand for Gold and push the prices higher.
On the MCX, gold prices are expected to trade higher today; international markets are trading lower by 0.11 percent at $1472.55 per ounce.
On Wednesday, WTI Crude prices surged over 3.2 percent to close at $57.1 per barrel. Prices rose after witnessing a less than expected build up in the U.S. Crude inventory levels. The crude inventories in U.S, rose by 1.4 million barrel on the week ending on 15th Nov’19 against the markets expected of 1.6 million barrels.
Moreover, prices further surged after Russian President Vladimir Putin stated that they would continue to reduce the output with OPEC. The OPEC meeting next month will provide cues on their production status in the coming months.
Tension rising from the Middle East also supported the prices as it onefifth of the world’s oil flows through the Strait of Hormuz.
Rising uncertainties around the prolonged trade war between U.S. & China might weigh on the market sentiments and push the prices lower.
On the MCX, oil prices are expected to trade lower today; international markets are trading lower by 0.21 percent at $56.89 per barrel.
On Wednesday, Industrial metals prices on the LME ended lower with Nickel being the highest loser amongst the pack. Rising uncertainties between U.S. & China, the biggest consumers of industrial metals raised severe demand concerns for the metals and weighed on the prices.
The U.S. House of Representatives passing two back to back bills in support of the protesters in Hong Kong after which China asked U.S. not to interfere in their internal matters. Escalating tension between both the nations dampened the demand prospects for industrial metal and pushed the prices lower.
On Wednesday, copper prices on the LME ended higher by 0.77 percent to close at $5875.0 per tonne. Prices gained reflecting an uptrend in Shanghai copper after China’s central bank announced to provide more stimulus measures to try and get their economy back on track.
However, delay in the phase one trade deal weighed on the market sentiments and pressurized the prices.
No concrete outcome of the U.S.-China trade spat might weigh on the market sentiments and push the prices lower.
On the MCX, Copper prices are expected to trade sideways today; international markets trading lower by 0.12 percent at $5848.25 per tonne.
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