Gold prices dip in early Asia as markets head into holiday-thinned week
Gold prices dipped in Asia on Monday as investors head into a holiday-thinned trading week expecting continued downward pressure on the precious metal.
Gold for February delivery on the Comex division of the New York Mercantile Exchange fell 0.14% to $1,063.50 a troy ounce. Last week, gold bounced back from the prior session's two-week low on Friday, boosted by a weaker U.S. dollar, as markets continued to digest the Federal Reserve's decision to raise interest rates for the first time in nearly a decade. In a unanimous decision, the Fed raised interest rates to a range of 0.25% to 0.50% from a range of 0% to 0.25%, as widely expected, following the conclusion of its policy meeting on Wednesday.
NYMEX crude drops in Asia on oversupply, holiday trade ahead
Crude oil dipped in Asia on Monday with oversupply the key factor as markets head into a holiday-thinned trading week.
On the New York Mercantile Exchange, crude oil for delivery in January dropped 0.62% to $35.84 a barrel. industry research group Baker Hughes (N:N:BHI) said late Friday that the number of rigs drilling for oil in the U.S. increased by 17 to 541 last week, the first gain in five weeks.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for February delivery dipped 18 cents, or 0.49%, on Friday to close the week at $36.88 a barrel. Prices slumped to $36.14 on December 14, a level not seen since the depths of the 2008 global financial crisis.
Oil futures have fallen sharply this month after the Organization of the Petroleum Exporting Countries failed to agree on output targets to reduce a glut of oversupply on global energy markets. Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by OPEC last year not to cut production in order to defend market share.
Men's high value comes from the appearance of rolex replica uk high demand for their own management. They have a breitling replica thin dress, a strip of flesh, seemingly casual but actually in the details reflect the high quality of the omega replica dress. With some exquisite accessories to decorate, whether or tie clip are carefully considered cufflinks on the election, is a piece of men's replica rolex watches sublimation of the whole shape, reflecting the unique personality and high taste.