Gold prices gain slightly in Asia ahead of Fed decision
Gold ticked slightly higher in Asia on Wednesday as investors awaited a widely expected rate hike by the Federal Reserve.
On the Comex division of the New York Mercantile Exchange, gold for February delivery rose 0.11% to $1,061.20 a troy ounce. Silver futures for March delivery gained 0.18% to $13.780 a troy ounce, while copper for March delivery eased 0.08% to $2.050 a pound. Overnight, gold was flat on Tuesday in spite of a broadly stronger dollar, as relatively positive Consumer Price Inflation data paved the way for the Federal Reserve to likely approve an interest rate hike when it releases its December monetary policy statement on Wednesday. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,121.90, the high from Nov. 4.
NYMEX crude falls in Asia as API estimates show sharp build
Crude oil prices dipped in Asia on Wednesday as an industry estimate of U.S. stockpiles showed an unexpected gain.
The American Petroleum Institute said crude inventories rose 2.3 million barrels, well above the 2.5 million barrels drop seen. Separately, Wednesday's government report could show that crude stockpiles nationwide fell by 2.0 million barrels last week for the week ending on Dec. 11. On the New York Mercantile Exchange, WTI crude for January delivery fell 0.94% to $36.75 a barrel.
Overnight, crude futures rallied on Tuesday in spite of a broadly stronger dollar, as investors covered their short positions in anticipation of a likely interest rate hike by the Federal Reserve in Wednesday's session. On the Intercontinental Exchange (ICE), Brent futures for February delivery traded between $37.83 and $39.69 a barrel, before closing at $38.65, up 0.49 or 1.28% on the day. Earlier this week, North Brent sea futures came percentage points away from falling near $36 a barrel to levels not seen in more than a decade.
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