Gold extends rally from six-year lows, as investors await inflation data
Gold futures rose sharply extending gains from late last week, as investors await the release of inflation data later this week for further indications on the gradual path of policy tightening the Federal Reserve plans to take over the next year.
On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a broad range between $1,063.10 and $1,079.80 an ounce before settling at $1,080, up $14.90 or 1.40% on the session. Last Friday, gold rallied nearly 1.5% rebounding from a daily loss of $25 an ounce a session earlier after the Fed approved its first rate hike in nearly a decade. With the sharp gains over the last two sessions, gold has bounced from near six-year lows earlier last week when it traded around $1,050 an ounce.
Brent oil hits 11-year low as global supply balloons
Brent oil cratered to its lowest price in more than 11 years on Monday, as demand for heating oil slumped on warmer-than-normal temperatures and traders tested for a bottom.
U.S. crude remained above its 2009 low and settled up a penny a barrel as traders squared positions ahead of the January contract's expiration. The February contract declined and analysts expect stockpiles to build again this week, signaling further oversupply in already glutted market. [EIA/S]
Concerns about swelling global crude supply and slow demand sparked by economic weakness in China have been recurring themes during this year's rout. Analysts said the market was still testing for a bottom. U.S. crude futures settled up 1 cent at $34.74 a barrel in the last day of trading on the January contract, before declining slightly in post-settlement trading.
Brent futures were down 53 cents at $36.35, falling as much as 2 percent during the session to a low of $36.04, their weakest since July 2004.
Brent has dropped nearly 19 percent this month, its steepest fall since the collapse of failed U.S. bank Lehman Brothers in October 2008.
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