Pullback in Gold may Continue as US tames Currency Tensions

Commodities rebound as the sharp fall yesterday attracts bargain-hunting. WTI crude oil price rose above 80 ahead of the oil inventory report. The market regained confidence on Chinese demand after Zhang Fuqin, the bureau chief of PetroChina’s Planning and Engineering Institute, said the country’s net crude oil imports may reach 310M metric tons in 2015. Moreover, some investors continued to buy commodities with the view that the rate hike in China would push the RMB higher, hence, positive for commodity demands

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Pullback in Gold may Continue as US tames Currency Tensions