Oil Prices Rise as Trump Prepares to Meet North Korea’s Kim -9 Mar 2018

Gold dropped as a leading dollar index strengthened and investors awaited the latest monthly data on U.S. employment - Gold on MCX settled down -0.15% at 30429 slipped lower on Thursday, as the dollar showed little reaction to downbeat U.S. data amid sustained uncertainty over U.S. President Donald Trump's proposed tariffs. Sentiments remained lower for Gold after the European Central Bank on Thursday, as expected, left interest rates unchanged Thursday, saying it would continue its program of asset purchases through September, “or beyond, if necessary.” The bank did drop language saying it was ready to expand quantitative easing if conditions worsened. Also Monetary policy differentiation continues to influence trading. Prices for the metal had declined after the release of the Fed Beige Book, which offered a snapshot of domestic economic activity. Among the findings of the report, which came out after gold futures settled, growth remained at a modest to moderate pace in January and February. While overall, it has certainly been a “roller coaster week for the yellow metal, as the combination of political uncertainty and U.S. rate hike expectations attracted both buyers and sellers, much attention will be directed towards Friday’s U.S. nonfarm payrolls report, which could play a role in how gold concludes this week.

Strong opposition to US tariffs on steel, aluminium: China Ministry of Commerce - China warned that it will take a strong stance to protect its interests against US President Donald Trump's tariffs on steel and aluminium imports. China's commerce ministry spoke against the tariffs on Friday March 9. Director of the commerce ministry's trade remedy and investigation bureau, Wang Hejun, said that the tariffs will jeopardise multilateral trade in the World Trade Organization (WTO) and that they will "bring a serious impact on normal international order". “If the US measures impair the interests, China will join efforts with other affected countries to safeguard its own benefits," he added.

Oil Prices Rise as Trump Prepares to Meet North Korea’s Kim - Oil prices were up Friday morning in Asia with news that North Korean leader Kim Jung Un would meet with U.S. President Donald Trump.South Korea’s national security chief briefed White House officials on talks between Seoul and Pyongyang on Thursday, and said that Kim has pledged to refrain from further nuclear or missile tests. Kim and Trump would likely meet by May at a place and time to be determined. The White House said Trump would accept the invitation. Asian stock markets rose following the news, pulling crude oil futures along with them. Beyond geopolitics, oil markets were mainly affected by soaring output from the U.S., which has risen by 23 percent since mid-2016 to 10.37 million barrels per day (bpd). U.S. oil production has already surpassed that of top exporter Saudi Arabia, and is expected to surpass that of top producer Russia by 2019. This would pose a significant challenge for the Organization of the Petroleum Exporting Countries, which has been trying to prop up oil prices by cutting output.

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