Thursday, 30 November 2017

Natural Gas Extended Rally As Bullish Speculators Continued To Place Bets

Natural gas trading range for the day is 199.9-210.5.

Natural gas extended rally as bullish speculators continued to place bets that a return to cold winter weather will boost demand for the heating fuel.

Prices are up around 9% so far this week as weather models predicted much colder weather across most parts of the continental United States starting from Dec. 6.

Natural gas futures have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand.

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Crude Oil Dropped After A Mostly Bearish EIA Report Showed Crude Stockpiles Fell

Crude oil trading range for the day is 3601-3795.

Crude oil dropped after a mostly bearish EIA report showed crude stockpiles fell more-than-estimated, but both gasoline and distillates supplies unexpectedly rose.

Inventories of U.S. crude fell by roughly 3.4 million barrels for the week ended Nov. 24, beating expectations of a draw of 2.3 million barrels.

The American Petroleum Institute data showed U.S. crude inventories rose by 1.8 million barrels in the week to Nov. 24 to 457.3 million barrels.

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Silver Dropped As Upbeat U.S. Growth Data Prompted An Earlier Rise In The U.S. Dollar

Silver trading range for the day is 37291-39077.

Silver dropped as upbeat U.S. growth data prompted an earlier rise in the U.S. dollar and U.S. Treasury yields.

The U.S. economy grew faster than initially thought in the third quarter, notching its quickest pace in three years.

The U.S. economy’s pace of growth in the third quarter was raised to 3.3% from 3%, the fastest spurt of U.S. growth in three years.

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Gold Dropped As The Dollar Firmed Amid Upbeat U.S. Growth Data

Gold trading range for the day is 29036-29550.

Gold dropped as the dollar firmed amid upbeat U.S. growth data and as a likely vote neared on U.S. tax legislation.

Geopolitical risks can boost demand for safe-haven assets, but prices took little support from news that North Korea had tested a new type of intercontinental ballistic missile.

U.S. Senate Republicans rammed forward President Donald Trump's tax-cut bill in an abrupt, partisan committee vote that set up a full vote by the Senate as soon as Thursday.


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Wednesday, 29 November 2017

Copper Prices Dropped As Falls In Equity Markets Have Also Raised Concerns

Copper trading range for the day is 431.6-445.6.

Copper prices dropped as falls in equity markets have also raised concerns that liquidity will impact investor appetite.

Workers at BHP Billiton’s Escondida copper mine in Chile ended a 24-hour strike on Friday, but could down tools again this week over the company’s planned layoffs.

Investor confidence in China has been dented by rising bond yields as Beijing stepped up its crackdown on shadow banking and other risky forms of financing.

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Natural Gas Gained As Support Seen After The Updated Weather Forecasting Models

Natural gas trading range for the day is 193.1-208.9.

Natural gas gained as support seen after the updated weather forecasting models showed a return to cold winter weather.

Rally came as weather models predicted much colder weather across most parts of the continental United States starting from Dec. 6

Total natural gas in storage currently stands at 3.726 trillion cubic feet , according to the EIA.

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Silver Trading Range For The Day Is 38097-39535

Silver trading range for the day is 38097-39535.

Silver edged lower after U.S. Federal Reserve chair nominee Jerome Powell told at his confirmation hearing that the Fed was likely to raise interest rates next month.

U.S. consumer confidence surged to a near 17-year high in November, driven by a robust labor market, while house prices rose sharply in September.

President Donald Trump said that the United States "will take care of" the North Korea issue after its latest missile launch.

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Gold Prices Edged Lower As Reports Suggesting That North Korea Fired

Gold trading range for the day is 29296-29538.

Gold prices edged lower as reports suggesting that North Korea fired a ballistic missile failed to raise safe haven demand.

North Korea sparked geopolitical tensions after South Korean news agency reported that the Kim Jong-un led nation fired a ballistic missile in the direction of the Sea of Japan.

Speculators cut their net long positions in COMEX gold by 3,944 contracts to 177,066 contracts in the week, CFTC data showed.

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Tuesday, 28 November 2017

Natural Gas Rebounded As Traders Returned To The Market To Seek Cheap Valuations

Natural gas trading range for the day is 190.4-199.6.

Natural Gas rebounded as traders returned to the market to seek cheap valuations after prices fell by the most since late February.

A cool shot will linger over the northeastern US to open the week with highs only in the 30s and 40s, but warming mid-week.

Participants looked ahead to this week's storage data due on Thursday, which is expected to show a draw in a range between 40 and 52bcf.

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Crude Oil Dropped Amid Uncertainty Over A Possible Extension

Crude oil trading range for the day is 3666-3856.

Crude oil dropped amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.

Uncertainty over Russia's determination to join with other major oil producers in extending crude production curbs beyond next March has weighed on oil markets.

U.S. crude production has risen by 15 percent since mid-2016 to 9.66 million barrels per day (bpd), not far from top producers Russia and Saudi Arabia.

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Silver Recovered From Lows With Sentiment On The Rate Outlook Awaiting

Silver trading range for the day is 38966-39644.

Silver recovered from lows with sentiment on the rate outlook awaiting further insights from a slew of Fed speakers as well as the US treasury secretary.

Weighing on the dollar were the minutes, showing policymakers were concerned about low inflation and could be wary of raising interest rates rapidly.

Sales of new U.S. single-family homes unexpectedly rose in October to hit a 10-year high amid robust demand across the country, offering a boost to the housing market.

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Gold Prices Recovered From Lows Buoyed By A Weaker Dollar

Gold trading range for the day is 29357-29603.

Gold prices recovered from lows buoyed by a weaker dollar, as investors looked ahead to congressional testimony by the nominee to chair the Fed.

U.S. President Donald Trump will meet with Senate Republicans this week to discuss their party's efforts to pass tax reform legislation.

The buying of physical gold remained muted across major Asian centres last week as higher prices dented demand, though seasonal demand could boost activity in China next month.

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Friday, 24 November 2017

Aluminium Prices Gained On Expectations That Mills Will Restock Following The Country's

Aluminium trading range for the day is 134.6-136.6.

Aluminium prices gained on expectations that mills will restock following the country's forced production cuts over winter.

Global aluminium demand will rise by 5 percent next year and the market "will shift into a deficit for the first time in over a decade"

The calculated market balance for primary aluminium for January to September 2017 was a deficit of 1463 kt.

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Nickel Recovered From Lows After Prices Dropped Due To Sufficient Supply

Nickel trading range for the day is 741.9-784.3.

Nickel recovered from lows after prices dropped due to sufficient supply of nickel ore.

Indonesia government has approved more than 20 million tons of nickel ore export quota so far, most of which are selling normally to China.

The Nickel market was in deficit during January to September 2017 with apparent demand exceeding production by 46.6 kt.

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Silver Traded In Range As The Dollar Sank On Reduced Expectations For U.S. Interest Rate

Silver trading range for the day is 39231-39649.

Silver traded in range as the dollar sank on reduced expectations for U.S. interest rate hikes next year.

Minutes from the U.S. Federal Reserve's showed "many participants" were concerned inflation would stay below the bank's 2 percent target for longer than expected.

ECB policymakers broadly agreed last month on extending their asset purchase scheme but a decision to keep the bond buys open-ended appeared to generate fiercer debate.

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Gold Prices Held Steady In Holiday-Thinned Trade On Thursday

Gold trading range for the day is 29338-29584.

Gold prices held steady in holiday-thinned trade on Thursday, after the minutes of the Federal Reserve's most recent policy meeting pushed the dollar, lending support.

Dollar weakened after the minutes of the Fed's latest meeting showed that some policymakers remain concerned over persistently low inflation.

Some members expressed concern over the inflation outlook and emphasized they would be looking at upcoming economic data before deciding the timing of future rate rises.

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Thursday, 23 November 2017

Copper Gains As Support Seen After Southern Copper Corp Said That One Of Five Unions

Copper trading range for the day is 445.2-451.2.

Copper gains as support seen after Southern Copper Corp said that one of five unions for its workers in Peru had started an indefinite strike.

China will step up financial regulation and crack down on speculation in the property market to stabilise prices and fend off bubble risks.

Cancelled warrants at more than 40 percent of total stocks are also contributing to concern about a tight LME market. 
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Crude Oil Prices Settled Higher After Data Showed Crude Stockpiles Fell

Crude oil trading range for the day is 3656-3818.

Crude oil prices settled higher after data showed crude stockpiles fell, while a disruption in Canada lifted sentiment.

Inventories of crude fell by roughly 1.9mbls for the week ended Nov. 18, beating expectations of a draw of 1.6mbls.

US is unlikely to export 2mbpd of crude on a sustained basis in the near-term despite reaching record levels in October. 
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Silver Gains On Weaker U.S. Economic Data And Concerns By Some Federal Reserve

Silver trading range for the day is 39106-39848.

Silver gains on weaker U.S. economic data and concerns by some Federal Reserve policymakers about lower inflation.

Many Federal Reserve policymakers expect that interest rates will have to be raised in the “near term,” according to the minutes of the U.S. central bank’s last policy meeting.

New orders for U.S.-made capital goods unexpectedly fell in October after three straight months of strong gains.
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Gold Prices Rose As The Dollar Fell On Technical Factors

Gold trading range for the day is 29191-29719.

Gold prices rose as the dollar fell on technical factors and weak U.S. economic data.

The U.S. Federal Reserve released minutes of its latest meeting, hinting at an interest rate increase in the near future.

Bets on higher gold prices by money managers increased last week for the first time since early September. 

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Wednesday, 22 November 2017

Natural Gas Sustained Below 197 Level Mark Amid Forecasts For Less Heating Demand

Natural gas trading range for the day is 193.8-200.2.

Natural gas sustained below 197 level mark amid forecasts for less heating demand over the next two weeks.

Prices often reach a seasonal low in late October and early November, when mild weather weakens demand, before recovering in the winter.

Total natural gas in storage currently stands at 3.772tcf, according to the US EI. That figure is 271 bcf lower than levels at this time a year ago.

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Crude Oil Gained As Traders Weighed The Prospect Of An Extension

Crude oil trading range for the day is 3635-3739.

Crude oil gained as traders weighed the prospect of an extension to the production-cut agreement against expectations of higher US output.

OPEC together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year to try to lower global inventories.

The deal is due to expire in March 2018, and OPEC meets on Nov. 30 to discuss the policy.

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Silver Remained Supported With Risk Heightened As President Trump Declared North Korea

Silver trading range for the day is 39056-39608.

Silver remained supported with risk heightened as President Trump declared North Korea a state sponsor of terrorism, using more stick in dealings with Pyongyang.

However, rising political uncertainty in Germany pushed the dollar to a nearly one-week high dampening demand for the precious metal.

Chancellor Angela Merkel said that she would prefer new elections rather than lead a minority government after talks to form the country's next government collapsed overnight.

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Gold Prices Recovered From The Day's Low Even As Rising Stocks

Gold trading range for the day is 29190-29518.

Gold prices recovered from the day's low even as rising stocks dented the precious metal's safe haven appeal.

President Donald Trump put North Korea back on a list of state sponsors of terrorism and helped revive safe-haven demand for the precious metal.

Gold gained on fresh safe-haven demand helps gain some positive traction. Also support seen on softer USD provides an additional boost.

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Tuesday, 21 November 2017

Zinc Prices Dropped Amid Concerns Over A Slowdown In China's Economy.

Zinc trading range for the day is 204.6-210.

Zinc prices dropped amid concerns over a slowdown in China's economy.

China’s zinc production in October is 577,000 tons, a 3.8% increase YoY.

South Korea seeks to buy 1,000 tonnes of zinc for February arrival via a tender, state-run Public Procurement Service said.

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Copper Steadied Supported After A Report Showed China's Property Sector

Copper trading range for the day is 436.1-448.7.

Copper steadied supported after a report showed China's property sector, a major metals consumer remained resilient last month.

Japan's copper cable shipments including sales and exports in October rose 10.1 percent from a year earlier to 62,800 tonnes.

Hedge funds and money managers cut their net long position in copper futures and options to the lowest since July, in the latest week the U.S. CFTC said.

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Silver Dropped As A Slump In The Euro Amid Rising Political Uncertainty

Silver trading range for the day is 38653-40355.

Silver dropped as a slump in the euro amid rising political uncertainty in Germany pushed the dollar to a nearly one-week high dampening demand.

U.S. homebuilding jumped to a one-year high in October as disruptions caused by recent hurricanes in the South faded.

The euro zone economy remains dependent on cheap credit and ECB is using the extension of its massive bond buys to push out any expectation for a rise in borrowing costs.

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Gold Dropped While Today Look Firm With Trump’s Move To Put North Korea Back

Gold trading range for the day is 29099-29861.

Gold dropped while today look firm with Trump’s move to put North Korea back on a list of state sponsors of terrorism

Trump put North Korea back on a list of state sponsors of terrorism on Monday, a designation that allows the US to impose more sanctions

Russia’s gold reserves stood at 57.9 million troy ounces as of the start of November, the central bank said on Monday.

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Monday, 20 November 2017

Natural Gas Prices Remained Supported As Rising Exports And Higher

Natural gas trading range for the day is 197.1-206.3.

Natural gas prices remained supported as rising exports and higher than normal levels of heating demand accelerated a decline in stockpiles.

However, prices were up despite the latest forecasts calling for less heating demand over the next two weeks than previously expected.

U.S. gas exports would average 9.6 billion cubic feet per day, up 28 percent from a year earlier.

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Crude Oil Rose As Concerns Grew Over Russia's Support For An Extension

Crude Oil trading range for the day is 3570-3752.

Crude oil rose as concerns grew over Russia's support for an extension of the crude output cuts that have bolstered prices in recent months.

U.S. crude oil production has hit a record of 9.65 million bpd, meaning output has risen by almost 15 percent since its mid-2016 low.

OPEC's main obstacle in tightening the market is the United States, where crude oil production hit a record of 9.65 million barrels per day.

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Silver Gained Amid An Uptick In Geopolitical Uncertainty After North Korea Ruled Out

Silver trading range for the day is 39226-40602.

Silver gained amid an uptick in geopolitical uncertainty after North Korea ruled out negotiations with Washington on curbing its nuclear weapons programme.

Prices also rose after a report about a U.S. probe requesting more documents linked to possible Russian interference in the 2016 election

The U.S. House of Representatives approved a package of tax cuts, while a Senate panel advanced its version of the legislation that has President Donald Trump's backing.

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Gold Prices Moved Higher As The U.S. Dollar Was Weakened By New Developments

Gold trading range for the day is 29215-29963.

Gold prices moved higher as the U.S. dollar was weakened by new developments in a special investigation into Donald Trump's presidential campaign.

The U.S. House of Representatives approved a broad package of tax cuts, which will now be debated by the Senate.

Gold prices in India traded at a discount for the first time in six weeks as the key wedding season failed to spur fresh demand.

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Friday, 17 November 2017

Copper Dropped As Persistent Worries Over Chinese Demand

Copper trading range for the day is 433.9-446.7.

Copper dropped as persistent worries over Chinese demand as China's economy cooled further last month

China’s economy cooled further last month, with industrial output, fixed-asset investment and retail sales missing expectations

Copper output in China in October jumped to its highest in almost three years. Copper production was up 6.3 percent at 781,000 tonne.

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Silver Gained Despite The Recent Trend Of Flattening Yields Faded

Silver trading range for the day is 39470-40024.

Silver gained despite the recent trend of flattening yields faded but downside momentum was capped by dollar weakness on the back of soft economic data.

The U.S. Department of Labor reported Thursday that initial jobless claims increased 10,000 a seasonally adjusted 249,000 for the week ended Nov. 11

Traders, however, shifted attention to tax reform as the House is poised to pass a massive overhaul of the U.S. tax code on Thursday as Republicans attempt to push through tax reform before year-end.

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Gold Trading In The Range As Gains Are Capped After US Inflation

Gold trading range for the day is 29404-29586.

Gold trading in the range as gains are capped after US inflation cemented expectations for an interest rate hike from the Federal Reserve.

US House of Representatives passed its version of sweeping tax cuts and investors weighed possible changes in fiscal policy

China's gold production growth is expected to slow over the years to 2026 because of depleting reserves and rising production costs.

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Thursday, 16 November 2017

Crude Closed At Its Lowest In Almost Two Weeks As Russia Is Said To Be Less

Crude oil trading range for the day is 3566-3662.

Crude closed at its lowest in almost two weeks as Russia is said to be less than convinced that OPEC should extend output curbs in a meeting this month.

Inventories rose for a second week in a row, building by 1.9mbls in the week to Nov. 10 to 459mbls, the government's EIA said on Wednesday.

US crude oil production hit a record of 9.65mbpd, meaning output has risen by almost 15 percent since their most recent low in mid-2016.

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Silver Settled Down Below Key Resistance As Investors Continue

Silver trading range for the day is 39384-40244.

Silver settled down below key resistance as investors continue to see uncertainty about next year's outlook for interest rates in the US and Europe.

Dollar gained on signs that fourth quarter economic growth remained solid, cementing investor expectations that the Fed will raised rates.

Global silver production will take a big hit this year due to several factors including, falling ore grades, mine closures, and strikes at various projects.

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Gold Prices Dropped After The Dollar Moved Off Intraday Lows On Signs

Gold trading range for the day is 29345-29835.

Gold prices dropped after the dollar moved off intraday lows on signs that fourth quarter economic growth remained solid

Pressure also seen as investor expectations that the Federal Reserve will raised rates for the third time this year in December.

US tax cuts that could stimulate economic growth was clouded after US Senate Republicans created new political obstacles by linking the repeal.

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Wednesday, 15 November 2017

Natural Gas Prices Dropped -3.47% Slammed Lower Despite Colder

Natural gas trading range for the day is 195.6-213.

Natural gas prices dropped -3.47% slammed lower despite colder than normal weather is forecast to cover most of the US

A strong weather system with subfreezing temperatures will track this week and next weekend for another round of stronger demand.

Demand for gas will jump about 45% through 2040, driven by industrial users in Asia, Africa, Latin America and the Middle East-IEA said.

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Crude Oil Dropped After The International Energy Agency Cast

Crude oil trading range for the day is 3554-3756.

Crude oil dropped after the International Energy Agency cast doubts over the past months’ narrative of tightening fuel markets.

The IEA cut its oil demand growth forecast by 100,000 bpd for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

The IEA said non-OPEC production will add 1.4 million bpd of additional production in 2018.

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Silver Traded In Range With The Dollar Supported By Higher U.S. Treasury

Silver trading range for the day is 39334-40230.

Silver traded in range with the dollar supported by higher U.S. Treasury yields and stocks down amid uncertainty over tax reforms in the United States.

U.S. Senate Republicans linked repealing a key component of Obamacare to their ambitious tax-cut plan, raising new political risks.

U.S. producer prices rose more than expected in October, leading to the biggest annual increase in wholesale inflation in more than 5-1/2 years.

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Gold Prices Recovered From Lows As A Weakening U.S. Dollar

Gold trading range for the day is 29335-29805.

Gold prices recovered from lows as a weakening U.S. dollar and sluggish stock market helped pull the precious metal off lows.

Four of the world’s top central bankers promised to keep openly guiding investors about future policy moves as they slowly withdraw the huge monetary stimulus.

U.S. inflation expectations edged up again in October, touching their highest level in six months, according to a Federal Reserve Bank of New York survey.

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Tuesday, 14 November 2017

Zinc Prices Remained Supported Buoyed By Steady Demand

Zinc trading range for the day is 210.2-215.6.

Zinc prices remained supported buoyed by steady demand and as the dollar hovered below recent peaks.

Chinese zinc mine output has been impacted more than copper due to the small-scale of zinc mines.

MMG's Dugald River mine will process an average 1.7 million tonnes a year of ore to initially produce 170,000 tonnes of zinc in concentrate.

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Copper Prices Gained On Short Covering As Support Seen

Copper trading range for the day is 440.1-458.9.

Copper prices gained on short covering as support seen after the Indonesian unit of Freeport-McMoRan Inc closed the main supply route

Chinese data this month is expected to show the world's second-biggest economy cooled further in October as policy makers harden efforts to reduce financial risks.

Open interest in the LME copper contract has fallen below 320,000 lots to the lowest since May and close to the lowest in a year.

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Silver Gains As Investor Uncertainty Over The Outcome

Silver trading range for the day is 39271-40259.

Silver gains as investor uncertainty over the outcome of tax reform continued while a slump in sterling boosted the dollar which capped gains in the precious metal.

The U.S. central bank did not have to remove a lot of monetary policy accommodation before it returned to a neutral stance.

Inflation readings will matter most for global financial markets, with the U.S., UK, euro zone and Canada all set to release CPI data.

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Gold Gains As The U.S. Dollar Steadied And Uncertainty Over A U.S. Tax

Gold trading range for the day is 29405-29727.

Gold gains as the U.S. dollar steadied and uncertainty over a U.S. tax reform plan stoked risk aversion, pulling equities from their recent record highs.

Fed’s Harker said that he expects to back an interest rate hike next month and expects the central bank in the United States to raise rates three times next year.

The head of the House of Representatives’ tax-writing committee said he would not accept elimination of a federal deduction for state and local taxes.

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Monday, 13 November 2017

Natural Gas Prices Gained As Traders Reassess Their Earlier Bearish View

Natural gas trading range for the day is 206.3-211.9.

Natural gas prices gained as traders reassess their earlier bearish view this winter amid signs sentiment had become far too gloomy.

Part of the reassessment has come from recent weather patterns which have been mildly positive for gas demand.

Working stocks in underground storage have built more slowly than the five-year average in 21 out of the last 31 weeks.

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Crude Oil Prices Settled Lower As Investors Fretted Over

Crude oil trading range for the day is 3664-3782.

Crude oil prices settled lower as investors fretted over an uptick in U.S. production.

Losses in oil prices were limited, however, as investor expectations for an extension to the OPEC -led product-cut agreement remained elevated.

Investors weighed a report from Baker Hughes showing the number of oil rigs operating in the US rose to the highest in almost a month by 9 to 738.

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Silver Prices Fell As Traders Locked In Profits From The Precious Metal's

Silver trading range for the day is 38951-40243.

Silver prices fell as traders locked in profits from the precious metal's rally in the previous session, boosted by U.S. political concerns and thus a softer dollar.

Sentiment on the greenback remained fragile as Senate Republican leaders said they were considering postponing the implementation of the major corporate tax cut until 2019.

Meanwhile, a House tax reform bill, which differs from the Senate version, would be expected to take effect next year.

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Gold Prices Turned Lower As U.S. Treasury Bond Yields Rose

Gold trading range for the day is 29321-29781.

Gold prices turned lower as U.S. Treasury bond yields rose, but losses were limited by weaker stock markets and the dollar, which fell due to uncertainty over U.S. tax reform.

Uncertainty over the tax plans also hit U.S. stock markets and helped end the longest run of global share price gains since 2003.

Gold demand slid to its lowest in eight years in the last quarter as jewellery buying fell and inflows into bullion-backed exchange traded funds dried up.

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