Gold demand
posts weakest start to the year since 2008: WGC - Gold demand
posted its weakest start to the year in a decade, the World Gold Council said
on Thursday, as prices of the metal stagnated and the threat of rising interest
rates led investors to seek better returns elsewhere. Global gold demand
totaled 973.5 tonnes in the January to March period, down 7 percent year on
year and the weakest first quarter since 2008. That coincided with a period of
calm in the gold market, which saw prices hold within their narrowest range of
any quarter in more than a decade. "It works both ways - for people in the
retail space, a price drop can be an entry point, and if the price is rising,
people want to take advantage of that momentum." The biggest drop in
demand came from the investment sector, with bar and coin consumption down by
15 percent and buying of gold-backed exchange-traded funds two-thirds lower
year on year.
Zinc dropped
tracking weakness in LME prices closed down 0.2 percent at $3,047 a tonne after
prices seen supported after a report showed a resilient economy - Zinc
on MCX settled down -0.66% at 204.20 tracking weakness from LME Zinc which
closed down 0.2 percent at $3,047 a tonne since U.S. President Donald Trump has
postponed the imposition of steel and aluminium tariffs on Canada, the European
Union and Mexico until June 1, and has reached agreements for permanent
exemptions for Argentina, Australia and Brazil, the White House said. European
zinc premiums were largely flat in the week to May 1 despite significant
deliveries of ingots into London Metal Exchange-approved warehouses in Antwerp;
meanwhile, worries over disrupted Iranian lead supply have pushed up lead
premiums in India which is a traditional importer of Iranian units. While
earlier in the day prices got some support as Chinese steel prices soared and a
private survey showed growth in China’s manufacturing sector unexpectedly
picked up in April.
Oil prices fall
on rising U.S. crude inventories, record production - Oil prices
dipped on Thursday, weighed down by swelling U.S. crude inventories and record
weekly U.S. production that is countering efforts by producer group OPEC to cut
supplies and prop up prices.Prices were pulled down by a report from the U.S.
Energy Information Administration (EIA) on Wednesday showing U.S. crude
inventories jumped by 6.2 million barrels to 435.96 million barrels in the week
to April 27, the highest level in 2018. "The (EIA) report showed a much
larger than expected crude build for last week as well as an unexpected build
in gasoline inventories," said William O'Loughlin, investment analyst at
Australia's Rivkin Securities.
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