Shares of commodities producers were flat as traders hedged their bets on the outlook for global growth.
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In its flagship economic outlook, the International Monetary Fund raised its forecast for global growth slightly to 3.6% this year and 3.7% next year, an acceleration from the 3.2% growth recorded in 2016. But officials from the global economic monitor also warned that the unrest in Catalonia, where the local parliament postponed a vote on unilaterally breaking with Spain, could present a threat to global growth.
Gold prices, which have been in a downward trend because of interest-rate expectations and strong economic data, recouped some of their losses Tuesday, partly because of the situation in Spain. Financial markets won't support Catalan independence, said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics. Mr. Vistesen added the notion Catalonia could make a smooth transition to being a full member of the eurozone with the access to bond markets that would entail was "wishful thinking."
Rob Curran, email@example.com
(END) Dow Jones Newswires
October 10, 2017 17:03 ET (21:03 GMT)