Gold futures climb, headed for a second weekly gain
 
Gold futures rose on Friday, headed for a second weekly gain in a row, even as prices failed to score a big boost from Federal Reserve policy that signals a lower-for-longer path for interest rates for the next three to four years.
 
“Bullion is waiting for new market drivers, as investors seem to have fully priced in the current scenario and the hyper-expansive monetary policies of central banks,” wrote Carlo Alberto De Casa, chief analyst at ActivTrades in a research note on Friday.
 
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Crude Oil Prices Bounce After Hit From Libyan Peace Deal News

Crude oil prices rebounded after a sharp dip in early trading in New York on Friday, as traders focused more on the promise of output discipline from OPEC and its friends rather than on the prospect of increased supply due to a peace agreement in Libya, a major exporter.

 
Prices had dipped after newswires reported that warlord Khalifa Haftarl, who is fighting the UN-recognized government in Tripoli, had approved an end to the blockade of the country's oil installations. In theory, that could release up to 900,000 barrels a day of crude into the world market, based on what Libya was exporting before its civil war interrupted shipments. However, this is a story that has seen many false dawns, and the National Oil Company said it would only lift 'force majeure' on its contracts when all oil facilities and export terminals have been 'demilitarized'.
 
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Dollar Weakens as Data Disappoints; Sterling in Focus

The dollar edged lower in early European trade Friday, weighed down by disappointing employment and housing data and with the tech sector continuing to suffer strong selling in the equity markets.

 
At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.2% at 92.823, the EUR/USD rose 0.2% to trade at 1.1865, while USD/JPY was largely flat at 104.70, but still on course for a gain of 1.5% over the week.
 
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Gold eyeing Fed nudge, Oil gets short-term lift
 
Gold has really struggled to break back above $2,000 after collapsing back through here in spectacular fashion just over a month ago. Moreover, the dollar has been under pressure since March and has recent shown signs of pushing for a correction. With both of these trades showing signs of fatigue, a failure by the Fed to meet or surpass expectations could get quite a reaction.
 
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Crude Oil Rises Sharply on Inventories, UAE Export Cuts

 

Crude oil prices bounced sharply on Wednesday on a cocktail of factors from hurricanes and inventory data to global growth forecasts, almost all of which had bullish implications.

 
By 9:20 AM ET (1320 GMT), U.S. crude futures were up 2.8% at $39.34 a barrel, while the global benchmark Brent was up 2.4% at $41.51 a barrel.
 
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Dollar Edges Lower; Federal Reserve Meeting Looms Large

 

The dollar edged lower in early European trade Wednesday, but trading ranges are tight as traders fine-tune their positions ahead of the U.S. Federal Reserve policy meeting.

 
At 2:50 AM ET (0650 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 93.067, with EUR/USD up 0.1% at 1.1852.
 
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Gold prices up 1% as dollar weakness buttresses bullion
 
Gold futures on Monday climbed toward their highest finish since the start of the month, as weakness in the dollar and low government bond yields helped to keep the precious metal trading in a range that some market experts see as forming a bullish pattern.

Importantly, recent sideways and choppy price action in gold has produced a bullish coiling pattern on the daily bar chart, suggesting the market is storing up energy for a bigger price move coming soon possibly this week, and odds favor that price move being on the upside, Wyckoff wrote.
 
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Oil slips as demand concerns rise, Libya output looms
 
Oil prices slipped on Monday amid concerns about a stalled global economic recovery and falling fuel demand, as Libya signalled it would end its months-long blockade and resume output, adding yet more supply to the market.
 
Brent crude (LCOc1) was down 33 cents, or 0.8%, at $39.50 a barrel while U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 34 cents, or 0.9%, at $36.99 a barrel by 0955 GMT.
 
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Dollar Down, But Focus is on Pound’s Brexit Woes and Japan’s PM Vote
 
The dollar was down on Monday morning in Asia, but the focus centered on the British pound and Japanese yen.
 
The pound rallied from its fall during the previous session over increasing fears of a hard Brexit. In Japan, the ruling party will vote in a new leader later in the day, with the winner widely expected to replace incumbent Prime Minister Shinzo Abe.
 
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Gold pulls back, but heads for weekly gain
 
Gold futures fell on Friday, but headed for weekly gain in the wake of turbulent patch of trading for global equities.
 
“The precious metal remains supported by low-to-negative government bond yields, rising coronavirus cases in the United States and a tired U.S. dollar,” said Lukman Otunuga, senior research analyst at FXTM. “On top of this, the Federal Reserve’s policy shift to let inflation rip may provide gold with a tailwind as interest rates remain lower for an extended period.”
 
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