Gold dropped as a broadly stronger U.S. dollar and rallying global equity markets reduced the appeal of the precious metal. Gold prices were also weighed amid ongoing uncertainty about whether the Federal Reserve will increase interest rates later this month when it meets on September 16-17. Last week's U.S. jobs report failed to provide much clarity on when the U.S. central bank will decide to raise short term interest rates. The timing of a Fed rate hike has been a constant source of debate in the markets in recent months. Gold has failed to attract strong investor interest as a safe haven despite the recent weakness in stocks due to worries over the Chinese economy, showing that the metal is struggling to find direction outside U.S. monetary policy.
Gold trading range for the day is 25683-26659.
Silver settled down -1.03% at 35294 amid a broadly stronger dollar and the introduction of further stimulus measures by China to rekindle its flagging economy. Economic data showed U.S. job openings surged to a record high in July and employers appeared to have trouble filling openings, the latest signal of an increasingly tight labour market that could push the Federal Reserve closer to raising interest rates. The job openings rate surged 3.9% in July, after measuring at 3.6% the previous three months. It also came off the back of a mixed employment report for August on Friday when the labor market added 173,000 non-farm payrolls, while the unemployment rate dropped to 5.1%, its lowest level since April, 2008. Stocks around the globe rallied after Chinese officials calmed markets by unveiling new policy measures aimed at stabilizing the equity market as well as boosting the slowing economy.
Silver trading range for the day is 34786-36242.
Crudeoil settled down -1.97% at 2989 pressured by ample supply and concerns about demand being curbed by slowing economic growth. Prices extended losses as U.S. equities turned lower after the prospect of economic stimulus from China boosted stock markets in Japan and Europe. Crude oil futures have been under pressure from concerns about swollen inventories, high global production and the increasing likelihood that Iranian barrels will return to export markets even as slowing growth in China threatens demand. The U.S. Energy Information Administration cut its forecast for 2015 and 2016 world oil demand growth in its monthly report. While Saudi Arabia's crude oil production dipped by 100,000 barrels per day in August, the Organization of the Petroleum Exporting Countries continued to produce close to record volumes.
Crudeoil trading range for the day is 2908-3124.
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