Gold trades in narrow range in Asia with India domestic demand eyed
Gold prices traded in a narrow range in Asia on Monday with investors noting domestic holiday-demand prospects in India ahead of the festival season, while widely expecting a dampener in the form of a Fed rate hike by the end of the year.
Investors await U.S. Federal Reserve will raise interest rates in December. Several Fed policymakers are due to speak early in the week, before the blackout period preceding the Nov. 2 meeting. But they would have to be unusually hawkish to swing expectations towards a rate increase hike next month, which comes just before the Presidential election.
Oil prices drop as Iraq says doesn't want to join OPEC cut
Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as U.S. drillers stepped up work.
OPEC plans to reduce production to a range of 32.50 million to 33.0 million barrels per day (bpd), down from 33.39 million bpd in September.
That would be harder to achieve if Iraq, which is OPEC's second-biggest producer after Saudi Arabia, didn't participate.
Iraq said on Sunday that its oil production stood at 4.774 million bpd, with exports standing at 3.87 million bpd.
"We are not going back in any way, not by OPEC not by anybody else," said Falah al-Amri, the head of Iraq's State Oil Marketing Company.