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Monday, 12 December 2016

Intraday Views on Gold and Crude Oil

Precious metal
Precious metals prices fell to its lowest in 10 months on Friday as the dollar and global equities rose, and was headed for a fifth straight weekly turn down on hope of a Federal Reserve interest rate climb next week.

Free Intraday Tips SPDR Gold Trust GLD, the world's biggest gold-backed exchange traded fund, said its holdings stood at 857.45 tones, stay unmoved from past business day.

Precious metals are trading lower on COMEX today. We expect prices to trade lower for the day, dragged down by hope that a possible U.S. rate climb this week would control demand for the safe-haven asset.

Crude Oil
Crude oil prices rose about 1 percent on Friday on expectations that non-OPEC producers meeting in Vienna over the weekend would agree to output restrictions following limits OPEC declared last week to control an oil glut.

Crude oil is trading higher on NYMEX today. We wait for prices to trade higher for the day, after OPEC and other producers over the weekend reached their first deal since 2001 to jointly decrease output in order to rein in oversupply and prop up the market.

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