Gold rose to its highest in nearly four weeks on Friday as political uncertainty led investors to favor bullion over assets considered riskier such as stocks.
Leaders of the world's rich nations face difficult talks with Donald Trump at a G7 summit in Sicily on Friday after the U.S. president lambasted NATO allies and condemned German trade policies a day earlier.
at a on Friday showed U.S. gross domestic product grew at a 1.2 percent annual rate in the first quarter instead of the 0.7 percent pace reported last month, supporting the dollar.
We expect gold prices to trade sideways on the back of profit booking after sharp up-move.
Silver rose 1.3 percent to $17.33 and was on track to gain 3.1 percent this week, its biggest weekly rise since mid-April.
We expect silver prices to trade sideways on the back of profit booking after sharp up-move.
Oil prices remained weak on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply. The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed last week to extend a pledge to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. But the decision did not go as far as many investors had hoped.
An initial agreement, which has been in place since January, would have expired in June this year. Despite the ongoing cuts, oil prices have not risen much beyond $50 per barrel.
U.S. drillers have now added rigs for 19 straight weeks, to 722, the highest amount since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc Analysts say that key to reining in ongoing oversupply will be to reduce bloated global fuel inventories.
While it is hard to come by reliable global oil inventory data, regional stock levels for the United states, Europe and parts of Asia suggest that inventories have dipped in recent weeks, albeit from record levels.
We expect crude oil prices to trade sideways on the back of short covering after drop in prices
We expect Natural gas prices to trade sideways on the back of short covering after drop in prices.
Copper pulled back from the previous session's three-week high on Friday as momentum sparked by a strike at one of the world's biggest copper mines, Indonesia's Grasberg, eased ahead of the long weekend break in China, the U.S. and Britain. Traders in China, the United States and Britain will be absent for national holidays on Monday.
We expect base metal prices likely to trade volatile on the back of mixed fundamentals.
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