Gold Price Drops before Fed Meeting, Oil Slips as Iran Defies Cut

15/03/2016 11:00 AST

US dollar strengthened before U.S. Federal Reserve meeting this week, sending gold priceand most of G10 currencies lower today. Gold touched down on a support trend line, whose break would spell trouble to the January-March climb. The downside of gold will continue to be tested up to the event’s outcome.

Commodity price slump weighed on mining shares and that in turn dampened metal prices. Last week’s rally in copper price did not last long given weak market fundamentals. Physical demand in China remains weak while copper inventories monitored by the Shanghai Futures Exchange hit a record high recently.

Oil priceretreated for the first time in a week, likely due to profit-taking at the peak of the rally, Iran’s refusal to contain output, and OPEC growth revision. Iran reiterated its intention to boost daily production to 4 million barrels, casting more doubt on afragile output freeze accord. OPEC downgraded GDP forecast to 3.1% from 3.4% amid pressured oil prices.

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