Gold prices were higher on Thursday, rising above the $1,300 level as the dollar lost the momentum from a decision by the U.S. Federal Reserve to raise interest rates. Gold prices are denominated in U.S. dollars, so the movement of the U.S. dollar index impacts the gold price. On Thursday, the U.S. dollar index that measures the greenback’s strength against a basket of six major currencies was down 0.03% to 93.53, giving up gains despite a promising outlook for the U.S. economy. The Fed hiked rates by 25 basis points to a range of 1.75% to 2% and hinted at two more rate hikes later in the year, instead of only one previously. This would mean four rate hikes this year. Gold investors continued to eye the rate hike decision for signs that the dollar go on an upswing. A firmer U.S. dollar makes dollar-denominated assets such as gold more expensive for foreign buyers, and vice versa.
Operating rate at secondary lead smelters down 3.98 percentage points in May -
The operating rate across China's secondary lead smelters stood at 59.9% in May, down 3.98 percentage points from April, but up 24.6 percentage points from last year, SMM surveyed. Stricter environmental probes by the central government from May accounted for the month on month decline. Most unlicensed small smelters were ordered to shut, and some qualified, large smelters saw their output affected by environmental cuts, SMM learned. China’s output of secondary lead registered 100,900 mt in May, down 6,700 mt from April and up 41,400 mt from last year, SMM data showed. Operating rates across secondary lead smelters in June is likely to remain flat from May as environmental inspections continue, SMM expects.
Aluminium inventory dips for six straight weeks on fewer deliveries -
China's inventory of primary aluminium, including SHFE warrants, shrank 53,000 mt from last Thursday to stand at 1.92 million mt as of Thursday June 14, SMM data showed. Despite torrential downpours in Guangdong province during last weekend, overall inventory declined on the week due to fewer deliveries to warehouses in northwest China. The drop marked a sixth consecutive week of decline.
Oil prices fall as U.S. crude production hits another record -
Oil prices eased on Thursday, dragged down by rising output, although strong demand and a drop in U.S. fuel inventories provided the market with some support.Prices were pulled down by another rise in U.S. oil production , which hit a weekly record of 10.9 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) on Wednesday. U.S. crude output has risen by almost 30 percent in the last two years, and it is now close to top global producer Russia, which produced 11.1 million bpd overall in the first two weeks of June. But the rising output came amid strong demand, which traders said prevented crude prices from falling further. U.S. consumption of gasoline in the United States rose to an historic high of 9.88 million bpd last week, according to the EIA.
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