Easing weather and geopolitical risks have undermined commodities in Asia trading on Tuesday, with gold and oil prices edging lower.
Safe havens continued their retreat while equities rose as distance built from the weekend’s dual threats of damage from Hurricane Irma and the potential for a North Korean missile or nuclear test.
That has seen gold come off recent highs prompted by improving risk appetite – the precious metal hit $1,348 on September 7, its highest point in more than a year – still tracking down about 0.1 per cent to $1,325 in morning trade.
The downgrading of the impact of Hurricane Irma, meanwhile, weighed on oil prices. Brent crude, the international benchmark, was down 0.2 per cent at $53.74 a barrel on Monday after touching its highest point since May late last week. West Texas Intermediate, the main US contract, was down 0.1 per cent at $48.04.
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