Gold trends sideways as greenback climbs on hawkish Dudley comments
VANCOUVER (miningweekly.com) – Gold prices posted new losses on Monday and overnight as the US dollar index climbed on positive comments by Federal Open Market Committee voting member William Dudley.
Dudley on Monday said it was not “unreasonable” to expect the Federal Reserve to release plans in September to start reducing the balance sheet, adding that he was in support of another rate increase before year-end, if the economy performs as expected.
Gold spot prices in New York fell 1.22% from $1 288.70/oz on Sunday afternoon, to a bid price of $1 272.70/oz on Tuesday morning.
Other commodities also gained on the hawkish comments, pushing open interest in the copper futures market to the highest level on record, as speculative demand in the commodity increases. Hedge funds are particularly bullish as bets climbed to an all-time high last week.
Steel rebar prices continued to decline, marking the fourth consecutive drop in their longest streak of losses since early June as the Shanghai Futures Exchange increased fees and capped daily positions for some traders.
January iron-ore futures were slightly higher on Tuesday following three days of losses.
Oil prices were flat on Tuesday morning after sliding nearly $2/bl to $50.5/bl ahead of the US Energy Information Agency (EIA) inventories data due out later on Tuesday, with estimates for another drop in a period of strong seasonal demand.
Earlier, the EIA had said strong US shale oil output was likely to keep crude oil in the mid-$50/bl range.
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