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Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The New Zealand government bonds closed higher Friday as investors remained cautious ahead of the Federal Reserve Chair Janet Yellen’s Jackson Hole press conference, in an attempt to estimate the Fed's most likely step.
Also, traders poured into safe-haven instruments amid losses in riskier assets including equities and crude oil.
The yield on the benchmark 10-year bond fell 2 basis points to 2.290 percent and the yield on 7-year note also ended 2-1/2 basis points lower at 1.975 percent and the yield on short-term 2-year note slid 1 basis point to 1.820 percent.
On Thursday, Fonterra, the world's biggest dairy exporter in its latest press release mentioned that they have increased its 2016/17 forecast Farmgate Milk Price by 50 cents to 4.75 NZ dollars per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be 5.25 to 5.35 NZ dollars before retentions.
Moreover, Chairman John Wilson said that current global milk prices remain at unrealistically low levels, but have started to improve as global demand and supply continue to rebalance.
“Prices have increased on GlobalDairyTrade but the increasing NZD/USD exchange rate continues to offset some of these gains. We expect the dairy market to be volatile over the coming months and will continue to keep our forecast updated for our farmers as we move into the season,” he said in the press release.
In addition, the crude oil prices declined as US stockpiles increased by 6.6 million barrels in the week ended August 19 to a record high of 1.4 billion barrels, said the Energy Information Administration. Also, Iraq prepared to increase its exports and renewed concerns that upcoming producer talks will not rein in oversupply. Also, worries about expanding Chinese fuel exports dragged oil prices. The International benchmark Brent futures fell 0.28 percent to $49.53 and West Texas Intermediate (WTI) dipped 0.15 percent to $47.26 by 05:30 GMT.
Meanwhile, the New Zealand’s benchmark S&P/NZX50 Index closed down 35.98 points to 7,391.30.
