MCX - WEEKLY NEWS LETTERS
✍ BULLION
Gold steadied on Thursday after three days of gains as the European Central Bank left interest rates unchanged and maintained the parameters of its 1.74 trillion euro asset buying scheme. The ECB has provided extraordinary stimulus in recent years in response to high unemployment, weak growth and ultra low inflation, cutting interest rates into negative territory and pushing the cost of credit to all-time lows. rates tend to support gold, though that is often offset by the impact of a weaker euro. The single currency fell 0.3 percent against the dollar on Thursday. Spot gold XAU= was at $1,268.98 an ounce at 1407 GMT, little changed from late on Wednesday, having earlier risen as hgh as $1,273.81. U.S. December gold futures GCv1 were up 30 cents at $1,270.20. The precious metal has regained some technical momentum after closing on Wednesday above its 200-day moving average of $1,267. Gold saw good buying at the time of the ECB release, "The ECB will continue to have a very accommodative policy at least until December," U.S. Treasury prices rose as ECB chief Mario Draghi said there was no discussion at the bank's latest policy meeting on possible changes to its 1 trillion-plus euro bond purchase program. The euro EUR= edged lower, but stocks rose after the third and final U.S. presidential debate, which was judged not to have improved Donald Trump's election hopes. That could also weigh on gold. A win for Democrat Hillary Clinton is now clearly predicted by polls, and is seen as easing the way for a rise in interest rates, heavily tipped by a number of Federal Reserve policymakers for December.

India's overseas purchases of gold likely hit a nine-month high in October as a flip in domestic prices to a premium prompted banks and refiners to resume imports ahead of the festival season, industry officials told Reuters. gold exports to China hit their highest since January last month, Swiss customs data showed on Thursday, though a sharp drop in shipments to Hong Kong meant exports to the two combined were sharply lower than a year earlier. more gold was shipped directly to China," Research Note. "What is more, Swiss gold exports to India climbed to their highest level since January, which points to demand recovering there."
Gold steadied after three days of gains on Wednesday as traders took to the sidelines ahead of a European Central Bank meeting later in the day which is expected to give clues about the outlook for euro zone monetary policy. While the bank is not expected to make any changes to its asset purchase programme until December, investors are seeking more clarity from President Mario Draghi about speculation that it could begin tapering its bond purchases. Spot gold XAU= was at $1,269.20 an ounce at 0935 GMT, little changed from $1,268.90 late on Wednesday, while U.S. December gold futures GCv1 were up 20 cents at $1,270.10. "The focus today will be the ECB meeting where the market is looking for clarification on a number of issues," Saxo Bank's head of commodity research Ole Hansen said. " bond tapering and further signs that additional measures are off the table." Gold prices are up 1.5 percent this week, on track to snap three weeks of losses. The precious metal has regained some technical momentum after closing on Wednesday above its 200-day moving average of $ 1,267. The euro EUR= held near a three-month low against the dollar ahead of the ECB meeting, offering little direction to gold. Stocks inched higher after the third and final U.S. presidential debate, which was judged not to have improved Donald Trump's election hopes. That weighed on gold. A win for Democrat Hillary Clinton is now clearly predicted by polls, and is seen as easing the way for a rise in interest rates, heavily tipped by a number of Federal Reserve policymakers for December. India's overseas purchases of gold likely hit a nine-month high in October as a flip in domestic prices to a premium prompted banks and refiners to resume imports ahead of the festival season, industry officials told Reuters. gold exports to China hit their highest since January last month, Swiss customs data showed on Thursday, though a sharp drop in shipments to Hong Kong meant exports to the two combined were sharply lower than a year earlier. more gold was shipped directly to China," Research note. "What is more, Swiss gold exports to India climbed to their highest level since January, which points to demand recovering there." Among other precious metals, silver XAG= was flat at $17.63 an ounce, while platinum XPT= was down 0.2 percent at $941 an ounce and palladium XPD= was down 0.5 percent at $632.95 an ounce.

✍ ENERGY
Oil prices were stable on Friday, weighed down by a stronger dollar but supported by signs fuel markets are balancing after two years of oversupply. The dollar rose to its highest level since March against a basket of other leading currencies .DXY on Thursday, potentially crimping demand as fuel becomes more expensive for countries using other currencies. West Texas Intermediate crude CLc1 was trading at $ 50.62 a barrel at 0050 GMT, 1 cent below its last settlement. International Brent crude oil futures LCOc1 were up 3 cents at $ 51.41 per barrel. Crude prices fell over 2 percent the previous session on the back of the soaring dollar. the falls, overall sentiment in oil markets was confident as financial investors are still keen to pour more money into crude futures, and there are also mounting signs of a tightening physical oil market. "The near term fundamentals in the oil market have turned positive. Demand is stabilizing, OPEC production has peaked , and global inventory declines imply that the market is more balanced than many believe," Neil Beveridge of Bernstein Energy said in a note to clients. The Organization of the Petroleum Exporting Countries plans to implement a 0.5 to 1 million barrels per day production cut after a meeting on Nov. 30.

Oil prices rose early on Wednesday, pushed up by a report of a fall in U.S. crude inventories and an OPEC statement saying a planned production cut was achievable, although analysts warned that Chinese economic data could erode the bullish momentum. U.S. West Texas Intermediate crude oil futures CLc1 were trading at $ 50.81 per barrel at 0011 GMT, up 52 cents, or 1 percent, from their last settlement. International Brent crude futures LCOc1 were at $ 52.14 a barrel, up 46 cents, or 0.9 percent. "The American Petroleum Institute crude inventory numbers were released . this has given early Asian trading a bullish start,"





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