Crude oil dips on rising US crude production
Silver rises on robust global cues
Gold rises on fall in US job growth
Zinc futures nosedive 1.54% on demand worries
Copper in reverse gear on demand worries
BUY GOLD ABOVE 29140 TGT 29240 29440 SL BELOW 28940
SELL GOLD BELOW 29030 TGT 28930 28730 SL ABOBE 29130
BUY SILVER ABOVE 40400 TGT 40600 41000 SL BELOW 40200
SELL SILVER BELOW 40150 TGT 39950 39550 SL ABOVE 40350
Australia likely equaled the world record for the longest stretch of uninterrupted economic growth last quarter, yet celebrations will be muted as miserly wage growth saps the spending power of its citizens.Analysts estimate Australia’s A$1.7 trillion ($1.27 trillion) annual gross domestic product (GDP) grew a slim 0.2 percent in the first quarter, a setback from the previous quarter’s brisk 1.1 percent.The GDP report, due out on Wednesday, is also forecast to show annual growth slowed to 1.6 percent from 2.4 percent.
That would still mark 103 quarters without a recession, a feat only matched by the Netherlands in modern history, but workers will be wondering where the rewards are going.Government figures out on Monday showed wages and salaries paid by businesses across the country bounced just 0.3 percent in the first quarter, after a 0.5 percent drop the previous quarter.
South Korea’s new government announced a 11.2 trillion won ($10 billion) fiscal stimulus package on Monday, increasing social welfare subsidies and taking steps to deliver on President Moon Jae-in’s election promise to create 810,000 public sector jobs.But Moon’s ruling Democratic Party faces a challenge passing the extra budget bill as it only holds 40 percent of the 299 seats in the National Assembly and would need the support of more than 30 opposition lawmakers.
Both parties in the conservative opposition – the Bareun Party and the Liberty Korea Party – have said the increased welfare spending could become unsustainable and that the plan does not meet legal requirements.The stimulus package allocates 5.4 trillion won to create public sector and social services jobs, including places for fire fighters, teachers and postal workers, the finance ministry said.
Crude prices held gains in Asia on Monday despite a break by several Middle East and Gulf countries with Qatar as Saudi Arabia, Egypt, the UAE and Bahrainsnapped diplomatic and commercial ties.The U.S. West Texas Intermediate crude July contract rose 0.88% to $48.08, while on the ICE Futures Exchange in London, Brent oil for August delivery gained 0.92% to $50.41 a barrel.
Qatar shares the world’s largest gas field, South pars, with Iran. The commercial and business ties have irritated Saudi Arabia and other GCC countries at odds with Iran on support for Shia-linked militants and recent statement attributed to Qatar’s ruler on U.S. and Saudi policies toward Iran have furtehr riled the waters.
Gold prices rose to their highest level in over than a month on Friday aftera disappointing U.S. employment report underlined the case for the Federal Reserve to continue raising rates at a gradual pace.Gold for June delivery settled at $1,278.77 on the Comex division of the New York Mercantile Exchange, up 0.93%. It was the highest close since April 25.
The U.S. economy added 138,000 jobs last month the Labor Department reported, falling far short of economists’ expectations for 185,000 new jobs.Figures for March and April were also revised to show that 66,000 fewer jobs were created than expected, indicating that the labor market may be losing momentum.The unemployment rate ticked down to a 16-year low of 4.3%.
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