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[MARKET ANALYSIS] Gold rangebound ahead of US NFP; Base metals rise, led by nickel prices following an cut in output from the world's largest mine

Gold is currently trading within a confined range as traders await the release of the US NFP report, which is likely to influence market sentiment.

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[MARKET ANALYSIS] Rangebound action for fixed benchmarks into NFP

Ceconomy (CEC GY) CEO says they are still awaiting a concrete offer from Kretinsky re. Fnac-Darty (FNAC FP) shares, and as such no decision has been made

[MARKET ANALYSIS] Gold rangebound ahead of US NFP; Base metals rise, led by nickel prices following an cut in output from the world's largest mine

Indian state-owned refiners are to consider buying more US and Venezuelan crude after the trade deal with the US, Bloomberg reports

Russia's Kremlin says that the US has prohibited Russia and China from dealing with Venezuelan oil and are looking to discuss with the US about the restriction

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  • Spot gold remains contained in a USD 4965-5086/oz band that has been formed so far this week, ahead of a busy week of tier-1 US data.
  • Later today, the delayed US NFP report is set to be released. Markets are expecting a payroll figure of 65K, with the unemployment rate to hold steady at 4.4%. Ahead of the report, NEC director Hassett warned that slightly lower job numbers should be expected, but said this should not trigger panic.
  • Base metals have been steadily bidding higher with 3M LME Copper reaching USD 13.25k/t. The broad-based move seems to have been driven by nickel prices. Weda Bay, the world's largest nickel mine, has been told by Indonesian authorities to cut its output by 70% in an effort to boost global prices. Indeed, LME nickel futures prices did lift higher following the report, rising from USD 17.75k/t to USD 17.95k/t but has since pared back slightly.
Context

Meanwhile, base metals, particularly nickel, are gaining traction due to a significant output cut from the world's largest mine, underscoring supply constraints that could support prices in the near term.

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