FLASH: Gold Steady, USD Flat, Crude Oil Off, Stocks Off
- Asian stocks rattled, seeing Trump impeachment bid raises new risks
- Gold steady as President Trump’s impeachment inquiry stokes risk-off mood
- Crude Oil futures declined on concerns of political uncertainty and US-China trade
Gold: Gold prices were trading steady Wednesday, just below a nearly 3-wk high hit in Monday’ session, as global equities dipped after US lawmakers launched a formal impeachment inquiry into President Donald Trump.
- Spot gold was little changed at $1,532.20 oz, as of 0122 GMT,
- US gold futures – 0.1% at $1,539.5 oz.
Bank of Japan policymakers discussed the need for the central bank to take a preemptive response to Southside risks to the economy and prices, mins of the central bank’s 29-30 July meeting showed Wednesday.
Energy: Crude Oil futures declined, reflecting concerns that political uncertainty and US-China trade friction will weigh on global economic growth.
- NYMEX WTI Crude Oil dipped 0.75% to $56.86 bbl.
- ICE Brent Crude -0.86% to 62.55 bbl.
Saudi Arabia believes Iran conducted the recent attacks on its Crude Oil facilities and will consider a military response once its investigation is complete, The Kingdom’s minister of state for foreign affairs said Tuesday.
Equities: Asian stocks fell Wednesday after US lawmakers called for an impeachment inquiry into President Trump, increasing the prospects of prolonged political uncertainty in the world’s largest economy.
MSCI’s broadest index of Asia-Pacific shares sans Japan was down 0.82%, Japan’s Nikkei fell 0.63%, while Australian shares fell 0.60%.
Chinese shares fell 0.79%, while shares in Hong Kong – 1.23%
Chinese shares slumped and Crude Oil futures extended declines after President Trump harshly criticized Beijing’s trade practices in a speech at the United Nations, damping hopes for a resolution to the US-China trade war.
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