Friday, 18 September 2015


Gold firmed near a two-week high on Friday and was on track to snap a three-week losing streak after the Federal Reserve decided to hold US interest rates steady due to worries over the global economy.
* Spot gold was flat at USD 1,130.70 an ounce at 0036 GMT, not far from a two-week high of USD 1,133.20 reached in the previous session.
The metal is headed for a 2-percent weekly gain, following three weeks of losses.
* US gold GCcv1 gained 1 percent to USD 1,130.40, also near a two-week high * Bullion got a boost on Thursday after the Fed kept interest rates unchanged following a two-day policy meet, in a bow to worries about the global economy, financial market volatility and sluggish inflation at home.
* But the US central bank maintained its bias towards a rate hike sometime this year, while lowering its long-term outlook for the economy
. * Gold had been weighed down all year on fears the Fed would soon hike interest rates from record-lows for the first time in nearly a decade. Higher rates could dent demand for non-interest paying bullion, while boosting the dollar.

Oil prices dipped early on Friday on fresh signs the Middle East will continue to prioritise market share over prices, while the United States kept interest rates at historic lows on worries over the health of the global economy.
US West Texas Intermediate (WTI) crude futures CLc1 were trading at USD 46.70 per barrel at 0049 GMT, down 20 cents from their last settlement. Brent prices were little changed at USD 49.14 per barrel. Kuwait, a key producer of the Organization of the Petroleum Exporting Countries (OPEC), said on Thursday that the oil market would balance itself but that this would take time, indicating support for the producer group's policy of defending market share despite falling prices.
This view was confirmed by sources at OPEC who said they expected oil prices to rise by no more than USD 5 a barrel a year to reach USD 80 by 2020, with a slowing in rival non-OPEC production growth not enough to absorb the current oil glut. The lower prices came despite the US Fed keeping interest rates at historic lows.

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