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Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The UK gilts plunged Monday after recent data showed that the country’s service PMI rose higher than expected in November. Also, rallying energy prices drove out investors from safe-haven buying.
We continue to foresee that the 10-year gilt yields will increase towards 1.50 percent multi-day and then 1.60 percent.
The yield on the benchmark 10-year gilts, which moves inversely to its price, rose 6 basis points to 1.43 percent, the super-long 30-year bond yield jumped 5 basis points to 2.06 percent and the yield on short-term 2-year bounced 3-1/2 basis points to 0.14 percent by 10:20 GMT.
The rise to 55.2 on the UK services sector PMI, from 54.5 in October, is exactly as we expected, but far exceeds the market consensus prediction of a fall to 54.0, and is indicative of a faster rate of activity expansion last month.
This latest reading marks a 10- month high, and taken together with the marginal increase in the Nov construction PMI (to 52.8 from 52.6 in October), and even the dip in the manufacturing PMI (to 53.4 from 54.2), enables the Nov Markit-calculated composite PMI to rise to 55.0, from a downwardly revised 54.5 in Oct (previous 54.6) and vs the market prediction of 54.6.
Moreover, crude oil prices climbed on fresh buying ahead of OPEC and non-OPEC meeting on Saturday. The International benchmark Brent futures rose 0.73 percent to $54.86 (to the highest since July last year)and West Texas Intermediate (WTI) jumped 0.72 percent to $52.05 by 09:10 GMT.
UK’s November construction PMI hardens to 52.8, hitting highest since March this year, from 52.6 in October, but as it contrasts with the market consensus expectation of a dip to 52.2, should, in theory, be interpreted as slightly GBP-positive. It still remains below its long range average of 54.2, though, but the latest 3 months trend is on an improving path.
Meanwhile, the FTSE 100 traded 0.30 percent higher to 6,752 by 10:30 GMT. While at 10:00 GMT, the FxWirePro's Hourly GBP Strength Index remained highly bullish at +101.34 (higher than +75 represents purely bullish trend).
