Crude oil up as oil producers pledge to reduce output
Silver dips on weak global cues
Gold dips as dollar strengthens
Nickel futures keep head above water
Zinc futures fall on slackened demand
Copper futures in reverse gear
BUY GOLD ABOOVE 28050 TGT 28150 28350 SL BELOW 27950
SELL GOLD BELOW 27750 TGT 27650 27450 SL ABOVE 27850
BUY SILVER ABOVE 40680 TGT 40880 41280 SL BELOW 40480
SELL SILVER BELOW 40300 TGT 40100 39600 SL ABOVE 40500
China's economic growth in 2016 was expected to be around 6.7 percent, Xu Shaoshi, director of the National Development and Reform Commission (NDRC), said on Tuesday.Consumption accounted for 71 percent of China's GDP growth in 2016, Xu told a media briefing in Beijing.
China's government had targeted 6.5-7 percent economic growth in 2016. Activity was boosted by higher government spending, a housing rally and record high levels of bank lending, which, however, also led to an explosive increase in debt.
In a series of tweets, President-elect Donald Trump has recently threatened several companies with "big border tax" if they expand manufacturing facilities abroad for products to be sold into the United States, but he has provided few details.
Trump has said U.S. companies that shut manufacturing plants and lay off workers only to open new facilities abroad would pay a 35 percent tax or tariff on products they ship back to the U.S. market.
Crude oil prices recovered in Asia on Tuesday with investors eyeing record December exports by Iraq via its southern port at Basra, noting that there would need to be a corresponding drop in shipments via the north as part of its pledges to OPEC to trim output.
Brent oil for March delivery on the ICE Futures Exchange in London was last quoted up 0.07% to $54.81 a barrel.
Gold markets appear to be gearing up for the Trump administration, according to market analysts. The futures market for gold was up today by 0.91% to $1184.10.
Silver prices increased too, up 0.97% to $16.68, during intraday trading. But gold settled at $1182.20, down 0.24%. Markets are reassessing views of the incoming Trump White House, analysts said.
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