Gold Set For Weekly Loss on Fed Jitters, Industrial Metals Gain

Gold prices fell on Friday and were set to close the week lower amid fears of more interest rate hikes by the Federal Reserve, while signs of tightening supply helped copper and aluminum prices weather a worsening economic outlook. Bullion prices sank well below $1,650 on Thursday – a key support level – after U.S. CPI inflation data read higher than expected for September. But they then rebounded sharply, tracking a broader risk-on rally that weakened the dollar. Spot gold fell 0.3% to $1,661.98 an ounce, while gold futures fell 0.5%…

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Oil Heads For Fourth Straight Monthly Loss as OPEC Meeting Looms

Oil prices rose slightly on Friday, but were set for a fourth straight month of losses amid growing concerns over weakening demand, with the focus now turning to a potential supply cut by the OPEC next week. London-traded Brent oil futures, the global benchmark,  were flat at $87.50 a barrel by 21:55 ET (01:55 GMT), while U.S West Texas Intermediate curse futures rose 0.4% to $81.56 a barrel. Both contracts were set to lose about 9% in September. Prices took mixed signals from Chinese manufacturing data on Friday. While the…

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Govt hikes DA by 4% under 7th Pay Commission; details here

The Union Cabinet has hiked the  Dearness Allowance (DA) of central government employees and pensioners by 4 percent under the 7th Pay Commission, The hike takes DA to 38 percent from the current 34 percent of basic pay/pension. The Finance Ministry said that the central government employees and pensioners will become entitled to a higher amount of Dearness Allowance (DA) and Dearness Relief (DR), respectively, w.e.f. July 1, 2022. Speaking at a press conference in New Delhi, the Union Minister added that the hike in salary and pension will benefit…

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Oil Prices Hover Near 8-Mth Low as Recession Fears Dent Outlook

Oil prices held near eight-month lows on Monday after falling sharply last week as markets feared that slowing global economic activity will dent demand for crude. Anderson-traded Brent oil futures rose 0.3% to $85.29 a barrel, while U.S. West Texas Intermediate futures were unchanged at $78.67 a barrel by 21:30 ET (01:30 GMT). Both contracts were trading just above their weakest level in eight months and were nursing steep losses from last week. Prices trimmed early gains on Monday after Japanese Business activity showed manufacturing activity in the world’s second-largest…

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The US  has announced a $122 million fund for India to prevent epidemics that could have been avoided

The US has announced a USD 122 million grant to the top three Indian medical research institutes to prevent preventable epidemics, detect disease risks early, and respond quickly and effectively. The entire funding of USD 122,475,000 will be allocated over five years to the three leading Indian health research institutes: the Indian Council of Medical Research (ICMR), the National Institute of Virology (NIV), and the National Institute of Epidemiology (NIE). The fund, which was announced on Wednesday by the Centers for Disease Control and Prevention (CDC), would expedite progress toward…

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5 Things to Watch for in Global Markets in 2020

By Ritu,      Capital Sands   1. No end in sight to the U.S.-China struggle for supremacy The trade war between the U.S. and China, which hobbled the world economy almost single-handedly in 2019 is likely to leave deep marks on 2020 too. The International Monetary Fund estimated in October that the tariffs imposed by both sides, and the far-reaching uncertainty they have caused, will shave $700 billion of value off the world economy next year, the equivalent of 0.8% of global gross domestic product. Election to cast a…

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