0635 GMT - Gold still looks bullish in a stronger dollar for longer scenario, two members of Goldman Sachs Research say. Based on GS' analysis, U.S. policy rate almost entirely drives investors' gold ETF demand while the dollar plays no extra statistically significant role. Dollar strength is unlikely to halt structurally higher central bank purchases of gold as such purchases tend to be made using their dollar reserves, the members say in a research report. Moreover, tendency for dollar and gold prices to rise with uncertainty supports their roles as portfolio hedges, the members add. Goldman Sachs' end-2025 gold-price forecast is $3,000/oz. Spot gold is 0.1% higher to $2,696.19/oz. (ronnie.harui@wsj.com)
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Iron Ore Falls in Likely Profit-Taking -- Market Talk
0235 GMT - Iron ore falls in likely profit-taking after recent gains following signals of more forceful China policy support to come. Markets remain optimistic about Beijing's recent pledge to revive property markets and economic growth, ANZ Research analysts say in a note. China imported more than 100 million tons of iron ore in November as steel production recovered, ANZ says. All eyes are on China's Central Economic Work Conference that started today for more stimulus measures. The most-traded iron ore contract on the Dalian Commodity Exchange is down 0.25% at CNY806.5 a ton. (sherry.qin@wsj.com)
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Copper Higher Amid Positive Sentiment -- Market Talk
0213 GMT - Copper is higher in early trade. Chinese authorities signaling strong policy support has lifted investor sentiment, ANZ research analysts say in a commentary. The market will be looking for sector specific support to gauge demand strength for metals, they add. The base metal's fundamentals are likely to improve with supply remaining stable and demand improving, Nanhua Futures analysts say. The three-month LME copper contract is 0.6% higher at $9,271.50 a ton. (tracy.qu@wsj.com)
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(END) Dow Jones Newswires
12-11-24 0932ET
