Published on 9/06/2017 10:31:38 AM | Source: Sushil Finance
We expect silver prices to trade sideways - Sushil Finance
Gold prices extended losses into a second session on Thursday as the dollar strengthened and as investors viewed the testimony from former U.S. FBI director James Comey as containing no significant surprises.
Investors still await the outcome of Britain's national election and opinion polls on the eve of the election showed Theresa May's Conservative Party leading between 5 and 12 percentage points over the main opposition Labour Party, suggesting she would increase her majority.
Earlier in the session, the euro declined after the European Central Bank cut its forecasts for inflation and said that policymakers had not discussed scaling back its massive bond-buying programme.
Comey told the Senate Intelligence Committee he believed President Donald Trump had directed him to drop a Federal Bureau of Investigation probe into former national security adviser Michael Flynn as part of the broader Russia investigation. However, he did not make any major new revelations about alleged links between Trump or his associates and Russia.
We expect gold prices to trade sideways on the back of profit booking after sharp up move in prices.
Silver lost 1 percent to $17.38.
We expect silver prices to trade sideways on the back of profit booking after sharp up move in prices.
Oil prices fell again on Thursday, with a sell-off continuing the day after data showed a surprise surge in U.S. crude inventories, and Brent settled at its lowest since Nov. 29, the eve of an OPEC production cut deal.
Oil prices have slipped below $50 a barrel despite a pledge by the world's largest exporters, led by the Organization of Petroleum Exporting Countries, to extend a cut in production of 1.8 million barrels per day (bpd) into next year.
OPEC agreed to output cuts in November, and shortly after that Russia and other non-OPEC producers also agreed to cut production in an effort to reduce a global glut that has forced prices into a steep and long-lasting slump.
Last month the countries agreed to extend the cuts, yet global supplies of crude remain strong, especially in the United States where booming shale production has the country on track to rival Saudi Arabia and Russia in crude output.
On Wednesday, prices fell 5 percent after data showed U.S. inventories of crude oil and gasoline surprisingly rose last week.
We expect crude oil prices to trade sideways on the back of short covering after sharp drop in prices.
We expect Natural gas prices to trade negative on the back of unfavorable weather conditions.
Copper posted its biggest one-day rise since early April on Thursday as better than expected Chinese economic data allayed some concerns about oversupply, prompting a bigger bounce off this week's near three-week low.
China reported stronger than expected exports and imports for May despite falling commodity prices, suggesting the economy is holding up better than feared. China's unwrought copper arrivals also jumped month on month.
The ECB kept its money taps wide open on Thursday but dropped a reference to possible interest rate cuts, an unexpectedly hawkish move as euro zone growth accelerates.
We expect base metal prices likely to trade volatile on the back of mixed fundamentals.
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