Tuesday, 14 March 2017
What’s next? – GOLD, OIL 14.03.17
Gold prices moved higher in Asian trade on Tuesday following upbeat industrial data from China, while investors await for the FOMC rate decision tomorrow.
On the Comex division of the New York Mercantile Exchange, gold for April delivery was trading at $1202.00 a troy ounce as of 06:20 GMT.
China’s fixed asset investment for January grew by 8.9 percent, well above a 8.2 percent estimated gain, industrial production added 6.3 percent, a tick higher than expected, and retail sales increased by 9.5 percent, a full point below forecast.
On Monday, the upcoming Dutch election served as a solid support for the precious metal while the widely anticipated Fed rate hike in March limited gains.
General elections in the Netherlands will take place on Wednesday. The latest polls showed the Liberals on top, with a possible win of 23-27 seats. On second place, Wilders and his Freedom party with 21-25. In the third row, the Christian Democratic Appeal with 18-20 seats.
Market players have expressed concerned about a possible victory of the far-right candidate Wilders. A similar scenario seen in France, where Marine Le Pen is also considered as a threat for current stability and European values.
According to CME Group’s FedWatch program, traders are pricing in more than a 93 percent chance of a rate increase in March. Although the main event tomorrow will be Fed Chair Janet Yellen’s press conference, as investors search for hints on further step.
Oil prices were trading flat in Asian hours on Tuesday, as market participants awaited for key industry reports and data that could provide some clarity on the oversupply issue.
US West Texas Intermediate oil futures traded at $48.36 a barrel on the New York Mercantile Exchange, down 0.08 percent from its prior close. The international Brent crude oil futures fell 0.02 percent to trade at $51.34 a barrel as of 06:30 GMT.
Last week, both benchmarks dropped sharply over growing concerns that increasing US shale production would threaten the OPEC-led output reductions to rebalance supply levels.
The Organization of the Petroleum Exporting Countries (OPEC) and major oil countries such as Russia have agreed last November to shred nearly 1.8 million bpd in the first semester. US government data showed that shale oil production it’s headed to a new record high, possibly reached in April.
Ahead today, the American Petroleum Institute will publish its weekly report on crude inventories, which usually correlates with official data from the US Energy Information Agency. Crude reserves rose by 8.2 million barrels in the week ended March 3. Now, economists are forecasting a 3.2 million build.
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