Gold prices down in Asia as market more confident of Fed hike
Gold prices fell in Asia with markets increasingly confident of a Federal Reserve rate hike next week. On the Comex division of the New York Mercantile Exchange, gold for February delivery fell 0.33% to $1,072.90 a troy ounce.
Silver futures for March delivery eased 0.06% to $14.180 a troy ounce, while copper futures for March delivery rose 0.12% to $2.068 a pound. Overnight, gold futures inched up amid a sharply weaker dollar, as investors continued to prepare for next week's critical Federal Reserve meeting where the U.S. central bank is largely expected to raise short-term interest rates for the first time in nearly a decade.
NYMEX crude shows follow-through gains in Asia after U.S. supply data
Crude oil prices gained in Asia on Thursday in flow-through to the U.S> after a sharp draw in crude stocks there.
On the New York Mercantile Exchange, WTI crude for January delivery rose 0.82% to$37.47 a barrel. On the Intercontinental Exchange (ICE), Brent crude for January delivery wavered between $39.59 and $41.55 a barrel, before closing at $40.17, down 0.09 or 0.17% on the day.
U.S. crude futures jumped by more than $1.25 a barrel on Wednesday morning after the Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that commercial crude inventories fell by 3.6 million barrels for the week ending on Dec. 4. At 485.9 million barrels, U.S. crude stockpiles still remain near the highest levels in at least 80 years. The draw halted an 11-week streak of supply increases, as crude inventories nationwide approached near capacity. Energy prices are sensitive to any reports of increased geopolitical instability in the Middle East, where more than 30% of the world's total crude output is pumped each year.
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