prices

Gold prices skid lower to start week as U.S. coronavirus vaccine rolls out



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© mohd rasfan/Agence France-Presse/Getty Images


METALS STOCKS

Gold futures on Monday were under selling pressure as a rollout of the experimental coronavirus cure began in the U.S. and as some uncertainty centered on another round of COVID-19 relief aid out of Congress hurt the yellow metal’s bullish thesis.

However, weakness in the dollar, off 0.5%, as measured by the ICE U.S. Dollar Index was capping downside for bullion and other precious metals priced in the U.S. unit.

Gold’s slide comes ahead of the last meeting of the Federal Reserve, which could also serve as a catalyst for commodities and financial markets broadly.

“Gold is struggling again today and broken back below $1,830 this morning where it had been seeing some support over the last week or so,” wrote Craig Erlam, senior market analyst at Oanda, in a daily note.

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China’s new home prices slow in November as tightening steps cool market

New home prices up 0.1% m/m in November vs 0.2% in October

New home prices up 4.0% y/y in November vs 4.3% in October

36 out of 70 cities reported higher prices, vs 45 in October

Adds number of cities reporting higher prices, context

BEIJING, Dec 14 (Reuters)New home prices in China grew at a slower monthly pace in November, official data showed on Monday, with tightening policies continuing to cool the market in larger cities while some smaller towns saw prices fall as demand waned.

Average new home prices in 70 major cities rose 0.1% in November from the previous month, the slowest pace since March when the market was battered by coronavirus-induced lockdown measures, Reuters calculated from National Bureau of Statistics (NBS) data. That compared with 0.2% on-month growth in October.

Prices rose 4.0% in November from the same month a year earlier, the weakest

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Oil prices edge up on hope vaccines will improve fuel demand

By Florence Tan

SINGAPORE, Dec 14 (Reuters)Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand, while an extension of Brexit talks eased jitters on that front for now.

Brent crude futures LCOc1 for February rose 8 cents, or 0.2%, to $50.05 a barrel by 0137 GMT, while U.S. West Texas Intermediate crude futures CLc1 for January were up 4 cents, or 0.1%, at $46.61 a barrel.

Oil prices have rallied for six consecutive weeks, their longest stretch of gains since June.

The United States kicked off its vaccination campaign against COVID-19, buoying hopes that pandemic restrictions could end soon and lift demand at the world’s largest oil consumer.

An extension of Brexit talks among European powers also buoyed financial markets on Monday.

CMC Markets’ chief markets strategist Michael McCarthy asked:

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China tariffs offset by rising Australian iron ore prices due to ‘fear tax’

Australia’s losses from trade tensions with China are being offset by rising iron ore prices, according to new analysis, which also predicts the Morrison government will announce a smaller budget deficit than originally forecast.

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Deloitte Access Economics said Chinese government moves against wine, beef, barley, lobsters and thermal coal have cost Australia money “but we’ve more than made that up in overall terms thanks to iron ore – and the taxman will be a considerable beneficiary of that”.

Chris Richardson, a Deloitte partner and leading economist, said spot prices had risen by US$18 a tonne since 30 November amid fears that China may consider taking some action against Australian iron ore, resulting in markets “nervously bidding up prices”.

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