Gold gains narrowly in Asia as investors await Fed
Gold traded narrowly higher in Asia on Tuesday with investors largely on the sidelines ahead of this week's Federal Reserve meeting widely expected to hike interest rates. On the Comex division of the New York Mercantile Exchange, gold for February delivery inched 0.08% up to $1,064.20 a troy ounce. Silver futures for March delivery gained 0.07% to $13.705 a troy ounce, while copper futures for March delivery rose 0.02% to $2.106 a pound.
Overnight, gold futures fell sharply amid a relatively flat dollar, as investors continued to brace for a likely interest rate hike by the Federal Reserve at its two-day meeting starting on Tuesday.
NYMEX crude down in Asia as oversupply hangs, API estimates ahead
Crude oil prices in Asia on Tuesday failed to hold gains from the U.S. as investors continued to monitor massive over supply.
On the New York Mercantile Exchange, WTI crude for January delivery fell 0.185% to $36.25 a barrel. Ahead on Tuesday, the American Petroleum Institute will release estimates ofU.S. crude and refined product stockpiles held last week. That will be followed Wednesday by more closely-watched figures from the U.S. Department of Energy.
Overnight, U.S. crude futures rallied in afternoon trading amid heavy profit taking, after briefly dropping below $35 a barrel earlier in Monday's session to fall to fresh multi-year lows. On the Intercontinental Exchange (ICE), Brent crude for January delivery wavered between $36.76 and $38.68 a barrel, before closing at $38.15, down 0.17 or 0.49% on the day. North Sea Brent futures are close to falling to their lowest level since mid-2004 when they traded at $36.20.
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