Gold fell as upbeat sentiment on equities and positive U.S. growth data dented the appeal of the safe-haven asset

Also, US gross domestic product surged up by an upwardly revised 3.3 percent in the third quarter compared to the originally reported 3.0 percent jump. While Senate Republicans have delayed voting on their tax bill as a setback forced them to patch up the plan only hours before a planned final vote. The bill will be reworked and roll call votes are set for 11 a.m. on Friday, Senate Majority Leader Mitch McConnell said. The Senate parliamentarian ruled Thursday that a fiscal “trigger,” important to winning deficit-wary Sen.

The reports came a day after data showed that the U.S. economy grew faster than expected in the third quarter. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 93.25, just off a one-week high of 93.46 hit earlier in the day. Meanwhile, U.S. tax reform stayed in focus.Overnight, crude oil prices settled higher after OPEC announced it would extend cuts in oil output by nine months through 2018 on Thursday, as major oil produces expressed the need to ensure rebalancing in markets continued.

According to industry, global production of Mentha Oil was around 48,000 tonnes. In India, production was 38,000 tonne. India annually exports 20,000 tonne of mentha oil and allied products to the US, China, Europe. and South America. According to the market sources, traders have raised their holdings on the back of pick-up in spot demand from consuming industries. Tight stock positions due to restricted arrivals from the major producing belts of Chandausi is also giving support to the mentha prices. With the onset of winter the seasonal and export demand of mentha is improving which is also one of the reasons for rise in prices.

Total exports of soy oilmeal in the first seven months of the fiscal started April is almost 5 times higher to 5.37 Lakh Tons compared to 1.07 lakh tons last year. Argentina is starting off the 2017/18 growing season with concerns about dry weather after, nearly two years of very wet weather. A dryer pattern has developed in central and northern Argentina.

For the second half of November, government raised the base import price of all edible oils, with the steepest increase of $23 per tonnes in crude soyoil. The government also increased the duty on soybean to 45% from 30%. As per latest SEA import report, Soybean oil imports slumped 21% to 220,200 tons in October from a year earlier while imports dropped during the oil year ended Oct. 31 by 22 % to 3.32 mt.