Gold Holds Steady as Dollar Remains Subdued | Today Commodity Market News Outlook 28 Dec 2017.


Commodity Opening Bell


Bullion - Opens on positive Note Gold -28970-28980 Silver -38750-38760

Energy - Opens on positive Note Crude Oil -3833-3835 Natural Gas -176-176.50

Base Metals - Opens on negative Note Copper -466.60-467 Nickel -767-768 Lead -151.60-161.80 Zinc - 210.20-210.30 Aluminium -142.60-142.80





Precious Metals 
Precious metals are expected to open flat but have been steadily edging up in the past few days. Slight weakness in US equities and dollar underpinned strength in gold prices yesterday. While the Fed is on course for rate hikes in 2018, the prospects of other central banks reducing stimulus have kept the dollar under pressure and helped precious metals. Last week, data showed that the U.S. economy grew at its fastest pace in more than two years in the third quarter.

Base Metals 
Metals have been trading positive and close to yearly highs with copper surging to highest in almost four years after China ordered its top producer to halt output to combat winter pollution, fuelling a rally this year driven by optimism about demand and supply disruptions at mines. Some profit taking emerged at the higher end of copper’s price rise, but was held in check somewhat by a weaker U.S. dollar. 

Energy 
Crude oil prices are trading slightly higher but WTI prices still remain a touch below $60. The API inventory data provided some support as it reported a draw-down of 6 million barrels in US inventories. Prices jumped this week after reports that gunmen blew up a pipeline in Libya. The crude oil pipeline feeds the Es Sider sea terminal and has a capacity of around 90,000 bpd. 

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