Edition:
United Kingdom

Marcy Nicholson

PRECIOUS-Gold slips as dollar gains after strong U.S. jobs data

07 Sep 2018

* Asian physical demand supports gold prices * Palladium rises to highest since June 19 (Updates prices; adds comment, NEW YORK dateline) By Marcy Nicholson and Maytaal Angel NEW YORK/LONDON, Sept 7 Gold fell on Friday as the dollar resumed its rally versus a currency basket after stronger-than-expected payrolls data cemented expectations that the Federal Reserve will raise interest rates in September, in what would be its third hike this year. A stronger dollar makes dollar-priced gold costlier for non-U.S. investors. U.S. jobs growth accelerated in August, with wages notching their largest annual increase in nine years, strengthening views the economy was so far weathering the Trump administration's escalating trade war with China. Spot gold fell 0.4 percent at $1,195.48 an ounce by 2:49 p.m. EDT (1849 GMT), and was on track to close the week down 0.5 percent. U.S. gold futures settled down 0.3 percent at $1,200.40 an ounce. "The biggest jump in average hourly earnings this year bashed bonds and drove the dollar higher, which was enough to break gold’s two-day winning streak," said Tai Wong, head of base and precious metals trading at BMO Capital Markets in New York. He noted that gold closed under $1,200 for the second time in four weeks "as market ponders if wage pressures are finally emerging, which may tip the Fed towards a December rate hike." The greenback has soared this year on escalating U.S.-Sino trade tensions, though it has lost some steam this week to rival safe-haven currencies like the yen and Swiss franc even as investors brace for new U.S. tariffs on China. "I'm struggling to (see) how the dollar could extend gains from here. Other central banks are becoming hawkish, the pound could come back up and the euro, once the ECB starts tightening. Gold is due for a rally," Fawad Razaqzada, analyst at FOREX.com, said. An overnight report bolstered the yen after suggesting U.S. President Donald Trump would next take up trade issues with Japan, indicating possible headwinds for the dollar. Battered emerging market currencies have also recovered their poise versus the dollar. "The stronger yen versus the dollar is leading to some buying in gold. ... The recent low of around $1,160 in August is really the bottom in gold for now," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank. Spot silver was up 0.2 percent at $14.15 per ounce, while palladium rose 0.6 percent to $979.40, after tapping the highest level since June 19 at $990. Platinum fell 1.6 percent to $778.49. The global platinum market will be oversupplied by 295,000 ounces this year as both supply and demand of the autocatalyst metal fall by 2 percent, the World Platinum Investment Council (WPIC) said on Thursday. (Additional reporting by Nallur Sethuraman in Bengaluru; editing by Alexander Smith and Leslie Adler)

Coffee exporters struggle to find ships for Brazil bumper crop

23 Aug 2018

SAO PAULO/NEW YORK Brazilian coffee exporters are struggling to find shipping capacity to transport a bumper crop from the world's top producer, which could result in supply delays to roasters worldwide.

Coffee exporters struggle to find ships for Brazil bumper crop

23 Aug 2018

SAO PAULO/NEW YORK, Aug 23 Brazilian coffee exporters are struggling to find shipping capacity to transport a bumper crop from the world's top producer, which could result in supply delays to roasters worldwide.

Canadian craft brewers scramble for aluminum cans

31 Jul 2018

CALGARY Canadian microbreweries are facing a shortage of cans and higher costs, forcing some to cut beer production after the country imposed retaliatory import duties on U.S. aluminum imports in the busy summer season.

Canadian oil executives downplay transportation bottlenecks

10 Jul 2018

CALGARY Executives at Canada's largest integrated oil and gas producers on Tuesday downplayed the severity of transportation bottlenecks to move oil in the near term, citing existing pipeline commitments and refining capabilities.

Do not blame OPEC, oil producer group says of Trump criticism

10 Jul 2018

CALGARY, Alberta The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame.

Parties grow at Calgary Stampede as firm oil prices slowly boost spending

09 Jul 2018

CALGARY Canada's energy heartland is showing a spark of optimism at the Calgary Stampede, an annual rodeo and corporate networking destination, with party sizes and event attendance on the rise as oil prices claw up from the 13-year lows of 2016.

Parties grow at Calgary Stampede as firm oil prices slowly boost spending

09 Jul 2018

CALGARY, July 9 Canada's energy heartland is showing a spark of optimism at the Calgary Stampede, an annual rodeo and corporate networking destination, with party sizes and event attendance on the rise as oil prices claw up from the 13-year lows of 2016.

Brent crude firms on drop in U.S. oil inventories, Iran threat

05 Jul 2018

CALGARY/LONDON Brent oil rose on Wednesday, driven higher by a threat from an Iranian commander and a drop in U.S. crude inventories for the second week in a row.

Gold slips ahead of Fed minutes despite softer dollar

05 Jul 2018

LONDON Gold drifted lower on Thursday despite a weaker dollar as investors worried that U.S. Federal Reserve minutes would highlight the prospect of further rate hikes.

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