Gold slipped as the dollar regained ground after briefly dipping earlier following U.S. President Donald Trump's decision to pull out of the Iran nuclear deal -
Gold on MCX settled down -0.15% at 31210 as the dollar regained ground after briefly dipping earlier following U.S. President Donald Trump's decision to pull out of the Iran nuclear deal. Trump on Tuesday pulled the United States out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies. Trump and Chinese President Xi Jinping discussed ongoing trade issues on Tuesday, as both sides continue to position themselves amid a heated feud over tariffs between the world's two largest economies.
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Copper prices fell as the effect of a strengthening dollar overshadowed positive trade data from China -
Copper on MCX settled down -0.62% at 456.30 as the effect of a strengthening dollar overshadowed positive trade data from China, the world’s largest consumer and producer of industrial metals. Earlier in the session support seen as Chinese imports and exports grew more strongly than expected in April and copper imports rose 2.8 percent from the previous month, implying healthy demand and pushing prices higher in early trading. But interest was curbed by the dollar, which reached a new 2018 high against a basket of major currencies.
Zinc dropped as prices seen under long liquidation as the effect of a strengthening dollar -
Zinc on MCX settled down -0.55% at 206.80 as rupee gained on domestic side while LME Zinc ended 0.2 percent higher at $3,060 a tonne, up from a nine-month low last week. Yesterday prices dropped as the effect of a strengthening dollar overshadowed positive trade data from China, the world’s largest consumer and producer of industrial metals. Chinese imports and exports grew more strongly than expected in April implying healthy demand and pushing prices higher in early trading. But interest was curbed by the dollar, which reached a new 2018 high against a basket of major currencies, making dollar-denominated industrial metals more expensive for users of other currencies.
Oil prices jump after U.S. walks away from Iran nuclear deal -
Oil prices rose more than 2 percent on Wednesday, with Brent hitting a 3-1/2-year high, after U.S. President Donald Trump abandoned a nuclear deal with Iran, likely curbing the OPEC member's crude exports in an already tight market. Trump on Tuesday pulled the United States out of an international nuclear deal with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies. In China, the biggest single buyer of Iranian oil, Shanghai crude futures hit their highest in dollar terms since they were launched in late May, at around $73.25 per barrel. "The big event of the night was President Trump's cancelling of the nuclear deal made with Iran back in 2015.
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