Gold falls mildly, despite weaker dollar pulled down by soft GDP data
Gold futures inched down on a light day of trading, in spite of a weaker dollar pulled down by soft U.S. GDP data. On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a tight range between $1,072.80 and $1,080.20 an ounce before settling at $1,073.20, down 7.30 or 0.68% on the session. Gold has fluctuated wildly since the Federal Reserve halted a seven-year zero interest rate policy last week by approving its first rate hike in nearly a decade. Tuesday's session marked the first time in a span of a week that the precious metal moved less than 1% in a positive or negative direction from its previous day's close. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,188.30, the high from Oct. 15.
U.S. crude bounces off multi-year lows, ahead of API inventory report
U.S. Crude futures bounced off multi-year lows on Tuesday, amid heavy short covering as investors continued to grapple with near-record supply levels which have depressed prices for the majority of the calendar year.
On the New York Mercantile Exchange, WTI crude for February delivery traded between $35.66 and $36.53 a barrel before settling at $36.14, up 0.33 or 0.97% on the session. When the January contract for WTI crude expired on Monday, the front month contract for U.S. crude traded near $34 a barrel, its lowest level since February, 2009. In spite of Tuesday's rally, U.S. crude futures are still down by nearly 12% since OPEC left its output quota unchanged at a closely-watched meeting earlier this month.
On the Intercontinental Exchange (ICE), Brent crude for February delivery wavered between $35.98 and $36.72 a barrel before closing at $36.12, down 0.22 or 0.54% on the day. One day after North Sea Brent futures fell sharply to $36.04, its lowest level since July, 2004, the international benchmark dipped to fresh 11-year lows on Tuesday.
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