Gold dips in Asia on Fed move up, pace of more hikes in focus
Gold prices nudged higher in Asia on Friday with the focus on the pace of future Federal Reserve rate hikes. On the Comex division of the New York Mercantile Exchange, gold for February delivery rose 0.05% to $1,051.10 a troy ounce.
Silver futures for March delivery gained 0.11% to $13.720 a troy ounce, while copper futuresfor March delivery fell 0.07% to $2.041 a pound.Overnight, gold futures slid by nearly $30 an ounce on Thursday tumbling back down to near six-year lows in their first full session since the Federal Reserve hiked interest rates for the first time in nearly a decade.
NYMEX crude dips further in Asia, below $35 a barrel
Crude oil prices dipped further in Asia on Friday as the supply outlook and a stronger dollar weigh. On the New York Mercantile Exchange, WTI crude for January delivery eased 0.37% to $34.82 a barrel. Ahead, U.S. rig count data from Baker Hughes Incorporated (N:BHI) will set the tone.
Overnight, U.S. crude futures fell considerably on Thursday extending losses from a massive sell-off in the prior session, as investors continued to digest a sizable inventory build from last week. Earlier this week, the front month contract for WTI crude dipped below $35 a barrel for the first time since 2008, as the aftershocks from OPEC's meeting at the start of the month continued to be felt. U.S. crude has closed in the red in eight of the last 10 trading days.On the Intercontinental Exchange (ICE), Brent crude for February delivery wavered between $36.95 and $37.92 a barrel before closing at $37.06, down 0.33 or 0.88%. North Brent Sea futures have closed in the green in only three sessions during the month of December.
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