Gold set for the first weekly drop, Trump in focus
Gold remained volatile in Asian trade, but looked set for its first weekly decline in four, with investors continuing to mull over the economic outlook after Donald Trump won this week’s US presidential election.
Spot gold was at $1260.12 an ounce at 0251 GMT, near yesterday’s close, while US gold futures were down 0.6 percent at $ 1259.30 per ounce. Spot gold was set to end the week down 3.6 percent.
It is anticipated that Federal Reserve could raise interest rates more quickly if Washington used lower taxes or higher spending to boost economic growth.
Gold will remain highly sensitive with this rising rates, which probably will lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar , in which it is priced.
7.30 Pm- US FOMC Member Fisher Speaks
8.30Pm- US Prelim UoM Consumer Sentiments
Oil prices slips down
Oil prices settled more than 1 percent lower on Thursday as markets recovered from shock over US president –elect Donald Trump’s victory and focused on oversupply concerns, as well as whether OPEC will decide later this month to cut production.
Markets shook off post election losses and bounced back on Thursday but oil still faces glut that has kept prices under pressure.
OPEC meets on Vienna on 30th Nov for talk on output cuts. It includes co-operation from non –members also like Russia, but doubts still remain over whether they can come to an agreement or not.