Gold heads for best week since June on Korea, Mid East jitters - 17 Apr 2017
Gold heads for best week since June on Korea, Mid East jitters.
Gold eased back from the previous day's five-month high on Friday, but stayed on track for its strongest week since June as concerns over North Korea and the Middle East sent investors scurrying for the safety of bullion and the dollar wilted. Market liquidity was thin due to Good Friday and Passover holiday observances around the world. The market for U.S. Treasuries finished trading early on Thursday, and will be closed on Friday.Spot gold was $1,284.81 an ounce at 1435 GMT, down 0.2 percent. Prices peaked on Tuesday at $1,288.64 an ounce, their highest since early November. "The further deterioration in the U.S. relationship with Russia and North Korea this week has supported the prices of precious metals," Capital Economics said in a weekly note. "A weaker dollar, in light of President Trump's comments about the risk to the U.S. economy from a rise in the dollar, has also helped to boost the price of gold."
Peru’s Copper Output Sees Slowest Growth in 2 Years in February.
Peru Energy & Mines Ministry data show the country’s copper output increased 5.42% year-on-year to 178,283 tonnes in February 2017, wenhua.com reported. The country’s mining industry only grew 47% in February, compared to 33.59% in the same period of last year.Extraordinary rainstorm took a toll on the country’s road and other facilities this year. The country’s copper production added 38.4% year-on-year to 2.35 million metric tonnes in 2016. Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 30,200 to 229,300 tonnes last week, SMM data show. Shanghai and Guangdong witnessed fewer arriving shipments and big growth in outward shipments. Inventories in Tianjin only declined slightly. Production at local downstream manufacturers was restricted by environmental protection, SMM said.
Oil down slightly in subdued trade after failed North Korean missile test.
Crude oil futures fell slightly in quiet trading on Monday, after a three-day Easter break, as investors digested a third consecutive weekly gain in prices along with North Korea's failed missile launch on Sunday.The subdued start to this week came as markets braced for more geopolitical tensions over North Korea, after its attempted launch on Sunday of a ballistic missile failed as the projectile blew up almost immediately. United States is working with allies and China on responses to the failed test, U.S. President Donald Trump's national security adviser said on Sunday. Crude traders and investors in Asia also had their first chance to assess a 13th consecutive increase in the rig count by drillers of U.S. shale oil. Energy services firm Baker Hughes said on Thursday that drillers added 11 oil rigs in the week to April 13, bringing the total count up to 683.