Posted by : Deepak Sahu
Gold correct from the three-week high on Monday on stronger dollar dampened a rally fueled by the Federal Reserve's decision.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 674.61 down 3.57 tonnes from previous business day.
Base metals recovered from two week lows on Monday on rising Chinese imports rose, however on stronger dollar gains are limited. Daily average primary aluminium output excluding China rose to 68,600 tonnes in August.
Crude oil traded marginally higher as U.S. rig count fell by 8 to 644 rigs as of September 18. crude oil might turned down on stronger dollar and higher output.
Copper traded on mixed note as supply disruptions in Chile and the US interest rate decision continued to boost the price of the industrial metal and on Monday dollar index turned higher. Traders can hold their short position. Resistance of copper now seen at 354.10.