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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