Gold prices edged up as the US dollar eased from a six-month high. Copper rebounded from a three-month low on promises by the Bank of Japan governor nominee to curb deflation and on better-than-expected US manufacturing data. Most commodity prices declined over the previous day with soybean rising slightly, as markets await the impact of $85 billion in automatic US government spending cuts.
2. HEADLINES
Gold edges up as dollar eases from six-month peak.
Gold inched up on, bouncing off a one-week low
marked the session before as the dollar eased from a
more than six-month high hit in the previous session
on the back of upbeat U.S. data. The $85 billion
automatic spending cuts in U.S. government
programmes, known as the "sequester", kicked off on
TRADING TIP:
Friday in the absence of a deal among lawmakers.
Sell Silver May Investors will be watching for its impact on the
economy. Spot gold had risen 0.3 percent to $1,580.19
Below 54670 an ounce by 0043 GMT, after hitting a one-week low of
TGTS-54500/54300 $1,564.44 in the previous session. U.S. gold was up
nearly half a percent at $1,579.90.
SL-54750 Copper Rebounds From 3-Month Low on Kuroda’s
Pledge, U.S. Data
Sell Nickel Mar Copper gained for the first time in three days in London
after Bank of Japan governor nominee Haruhiko
Around 923 Kuroda said he would do whatever it take to curb
deflation and as U.S. manufacturing data beat
TGTS 915/906 expectations. Aluminum rose for the first time in 11
SL- 930 days. Copper for delivery in three months climbed as
much as 0.8 percent to $7,761 a metric ton on the
London Metal Exchange before trading at $7,749 at
11:13 a.m. Tokyo time. The metal touched $7,652 on
March 1, the lowest since Nov. 19, and dropped 1.3
percent last week.
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