Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
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The New Zealand government bonds closed lower Wednesday after the Reserve Bank of New Zealand in its November Financial Stability Report (FSR) signalled steady interest rate for the foreseeable future to curb a soaring property market.
The yield on the benchmark 10-year bond, which moves inversely to its price, closed 2 basis points higher at 3.14 percent, the yield on 7-year note jumped 2 basis points to 2.77 percent and the yield on short-term 2-year note climbed 1-1/2 basis points to 2.16 percent.
The RBNZ in its Financial Stability report mentioned that the country’s financial system is sound but continues to face risks and the banking system has strong capital and funding buffers, profits remain high. The central added that the financial markets have remained volatile due to political uncertainty and house price inflation in Auckland has softened but it is uncertain if it will be sustained.
Also, in the press conference, Governor Graeme Wheeler said that the RBNZ will hold its policy rate steady for the foreseeable future to curb property bubble. Also, added that the December consumer inflation to revive, rising above 1 percent mark.
Moreover, the Kiwi bonds have been closely following developments in oil markets because of their impact on inflation expectations, which are well below the Reserve Bank of New Zealand's target. Crude oil prices recovered OPEC ministerial gathering in Vienna today. The International benchmark Brent futures rose 0.66 percent to $47.63 and West Texas Intermediate (WTI) jumped 0.63 percent to $45.52 by 04:50 GMT.
The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna later in the day to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014.
There remains disagreement among OPEC-members over which producers should cut by how much, and a plan for non-OPEC oil giant Russia to participate has so far also failed.
Meanwhile, the New Zealand’s benchmark S&P/NZX50 Index closed down 4.80 points to 6,896.95. While at 06:00 GMT, the FxWirePro's Hourly New Zealand Dollar Strength Index stood neutral at +68.53 (higher than +75 represent a bullish trend).
