GOLD NEWS

Gold prices eased in Asia early Wednesday, continuing a downward trend from overnight with eyes on the Federal Open Market Committee statement due later in the day. The FOMC could provide further hints on whether it will raise rates by September when it completes its two-day meeting on Wednesday. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.09% to $1,095.70. In China, the Shanghai Composite Index extended losses from Monday's freefall closing Tuesday's session down 1.7%.     

BASE METAL

Base metal prices on the SHFE are expected to rally across the board on Jul. 29 due to short-covering, Shanghai Metals Market foresees. The PBOC said in the bulletin of its August regular meeting it has maintained steady monetary policy this year and will stick on this stance in the latter half of the year, and will also maintain liquidity at reasonable level to support real economy. Minsheng Securities thinks the PBOC has acted to stabilize the market. Investors booked profits before the FOMC meeting, and the resumption of operation at Greek banks allowed European and US shares to rebound, giving a boost to base metals.

ENERGY NEWS

Crude oil prices dipped in Asia on Wednesday as investors eyed the latest industry crude and refined products stocks estimate data released late overnight in the U.S. and the tone of the Federal Reserve statement ahead. Industry group the American Petroleum Institute said that crude stocks fell 1.9 million barrels, while distillate stocks rose 4.3 million barrels last week in its weekly report on U.S. crude stockpiles. Gasoline data was not immediately available. The FOMC could provide further hints on whether it will raise rates by September when it completes its two-day meeting on Wednesday.