Gold prices slumped to three-week lows as disappointed speculators liquidated long positions despite fresh trade skirmishes between the United States and China -
Gold on MCX settled down -1.17% at 31010 as disappointed speculators liquidated long positions despite fresh trade skirmishes between the United States and China. Gold deepened losses after President Donald Trump announced that the United States will implement a 25 percent tariff on $50 billion of goods from China and Beijing quickly said it would hit back with its own tariffs. There was some support in gold prices after the European Central Bank (ECB) policy announcement struck a decidedly dovish tone, as expected. The ECB also announced it would halt bond purchases and would phase out the economic stimulus by the end of the year. The central bank also said it would keep its interest rates unchanged at least through the summer of 2019. Gold discounts in India were at their widest in nine months this week as higher domestic prices tempered retail purchases, while buying in other Asian centers remained subdued amid a lack of significant momentum in global prices.
Copper prices slid on concerns over demand in China and as investors reacted to U.S. tariffs on China and a selloff in oil -
Copper on MCX settled down -1.59% at 473.9 on concerns over demand in China and as investors reacted to U.S. tariffs on China and a selloff in oil. China’s industrial output, investment and retail sales all grew less than expected, offsetting upbeat trade data and suggesting further weakness ahead if Beijing sustains its crackdown on factory pollution and local government spending. China’s economy is finally starting to cool under the weight of a multi-year crackdown on riskier lending that is pushing up borrowing costs for companies and consumers, with data pointing to a broad slowdown in activity in May. While slower Chinese growth suggested lower demand, China’s output of 10 non-ferrous metals including copper, aluminium, lead, zinc and nickel rose 4.3 percent in May from a year earlier to 4.55 million tonnes. Aluminium production was up 1.5 percent at 2.79 million tonnes.
U.S. oil slumps as China threatens duty on U.S. crude imports -
U.S. oil prices slumped on Monday after China threatened duties on American crude imports in an escalating trade dispute with Washington.In an escalating spat over the American trade deficit with most of its major trading partners, including China, U.S. President Donald Trump last week pushed ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6. China on Friday said it would retaliate by slapping duties on American export products, including crude oil. This was in response to reports that top suppliers Saudi Arabia and Russia would likely increase production. The producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), which is de-facto led by Saudi Arabia, and some allies including Russia have been withholding output since the start of 2017. They will meet in Vienna on June 22 to decide forward production policy.
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