Gold Slips As Dollar Firms

Gold prices were a touch lower on Tuesday, pressured by an uptick in the dollar, with investors focusing on tensions over North Korea and remaining cautious ahead of an annual central banking meeting in Jackson Hole later this week.
Spot gold had slipped 0.2 percent to $1,288.40 an ounce by 0333 GMT, after rising 0.5 percent in the previous session.
U.S. gold futures for December delivery edged down 0.2 percent to $1,294.20 per ounce.
“The U.S. and South Korea’s military training will probably induce some move from North Korea. I think people are getting ready for any move so that’s why gold came back up yesterday,” said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.
The United States and South Korea began long-planned joint military exercises on Monday, heightening tensions with North Korea, which called the drills a “reckless” step toward nuclear conflict.
“The dollar is a bit stronger and that’s why gold is coming off a bit. People are really kind of cautious about the market with this North Korea and U.S. situation and also the Jackson Hole meet later this week.”
The dollar edged up against the yen on Tuesday, while the dollar index, which tracks the greenback against a basket of six major rivals, was steady.
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Copper Futures Rise On Pick-Up In Demand

Copper futures were trading higher during the noon trade in the domestic market on Tuesday as participants enlarged positions, triggered by increased spot demand. Marketmen attributed the rise in copper futures to a firming trend in base metals at the domestic spot markets from consuming industries.
At the MCX, copper futures for August 2017 contract was trading at Rs 424.10 per kg, up by 0.52 per cent, after opening at Rs 421.30, against a previous close of Rs 421.9. It touched the intra-day high of Rs 424.20 (at 12:10 hours).
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Lead Futures Dip On Muted Demand

Lead futures were trading lower during the afternoon trade in the domestic market on Tuesday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets.
At the MCX, lead futures for July 2017 contract is trading at Rs 148.90 per kg, down by 0.40 per cent, after opening at Rs 149, against a previous close of Rs 149.50. It touched the intra-day low of Rs 148.55 (at 12:14 hours).
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Oil Prices Rise On Signs Of Tightening Market

Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States.
Brent crude oil was up 40 cents at $52.06 a barrel by 0715 GMT. U.S. light crude was 35 cents higher at $47.72.
“U.S. crude oil stocks have been falling consistently in recent weeks,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com.
“If the downtrend in oil inventories is maintained, then a bullish case can be made for oil, especially given the ongoing supply restrictions from OPEC and Russia,” he added.
U.S. commercial crude inventories have fallen by almost 13 percent from their March peaks, to 466.5 million barrels.
U.S. crude production has broken through 9.5 million barrels per day (bpd), its highest since July 2015, but analysts say growth may slow as U.S. energy firms cut the number of rigs drilling for new oil.
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Nickel Futures Rise On Increasing Demand

Nickel futures were trading higher during the afternoon trade in the domestic market on Tuesday as participants widened their bets, driven by pick-up in demand in the spot market.
Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market. At the MCX, nickel futures for August 2017 contract was trading at Rs 728.70 per kg, up by 0.52 per cent, after opening at Rs 723, against a previous close of Rs 724.90. It touched the intra-day high of Rs 729.70. (at 13:06 hours).
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Yellow Metal Slumps On Profit Booking

Gold futures were trading in the red in the domestic market on Monday as speculators trimmed positions to book profits even as the metal strengthened overseas. Market analysts said the fall in gold futures was mostly attributed to profit-booking by participants but a better trend overseas limited the fall.
At the MCX, gold futures for October 2017 contract is trading at Rs 29123 per 10 grams, down by 0.14 per cent, after opening at Rs 29125, against a previous close of Rs 29163. It touched the intra-day low of Rs 29079 (at 12:29 hours).
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Nickel Futures Up On Pickup In Demand

Nickel futures were trading higher during the afternoon trade in the domestic market on Monday as participants widened their bets, driven by pick-up in demand in the spot market. Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market.
At the MCX, nickel futures for August 2017 contract was trading at Rs 714.50 per kg, up by 1.49 per cent, after opening at Rs 706, against a previous close of Rs 704. It touched the intra-day high of Rs 718. (at 13:01 hours).
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