Gold prices fall in Asia as attention turns squarely on Fed
Gold prices dipped in Asia on Friday with the focus squarely on next week's Federal Reserve meeting. On the Comex division of the New York Mercantile Exchange, gold for February delivery fell 0.49% to $1,066.80 a troy ounce.
Silver futures for March delivery dropped 0.39% to $14.055 a troy ounce. Copper futures for March delivery eased 0.04% to $2.065 a pound. Overnight, gold futures inched up in narrow, range bound trading as investors continued to remain cautious in the days leading up to next week's critical monetary policy decision by the Federal Reserve. After surging by more than 2% in last Friday's session, fluctuations in gold have been minor this week. Over the last four trading days, gold has failed to close in a positive or negative direction by more than 0.75%.
NYMEX crude weaker in Asia on over supply, U.S. rig count ahead
Crude oil fell in Asia on Friday with expectations for any demand rebound thin in the face of significant over supply. Ahead, the count of U.S. rigs by industry firm Baker Hughes Incorporated (N:BHI) will likely set the tone.
On the New York Mercantile Exchange, WTI crude for January delivery fell 0.72% to $36.50 a barrel.
Overnight, crude futures plunged to fresh seven year lows after OPEC reported on Thursday that it pumped oil at its highest level in more than three years in November, exacerbating longstanding concerns related to the excessive supply glut on global energy markets. U.S. crude futures fell to their lowest level since February, 2009 in the U.S. morning session, before rallying slightly just before the close. Since peaking above $100 a barrel 18 months ago, the front month contract for WTI crude has plummeted more than 80%. On the Intercontinental Exchange (ICE), Brent crude for January delivery wavered between $39.51 and $40.69 a barrel, before closing at $39.75, down 0.34 or 0.88% on the day.
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