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Oil prices dip on scepticism ahead of OPEC meeting

The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014.

 
 
The gold demand stood at 1,104.8 tonnes in the corresponding quarter last year, according to the WGC's 'Q3 2016 Gold Demand Trends' report.
Gold prices stayed firm on Wednesday as stronger physical demand for the precious metal, ahead of India's late-October festival season, offset a firm US dollar.
Dealers were charging up to $2 an ounce over official domestic prices, the first time premiums have been seen since mid-January, said Bachhraj Bamalwa.
Gold fell for a ninth straight session on Friday on a stronger dollar ahead of key US jobs data and the metal was headed for its worst weekly dip in nearly a year.
 
 
OPEC agreed to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of an energy conference in Algeria.
Spot gold dropped 0.2 per cent to $1,334.41 an ounce by 0411 GMT; but was on track for a weekly gain of nearly 2 per cent, the highest since end-July.
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