Gold falls mildly amid solid U.S. income, inflation data in November
Gold futures fell slightly as the release of a flurry of economic data, including solid inflation figures, provided the Federal Reserve with leeway to enact further tightening measures when it convenes at a closely-watched meeting in March.
On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a tight range between $1,067.70 and $1,074.90 an ounce before settling at $1,068.70, down 5.30 or 0.49% on the session. After last week's historic Fed rate hike triggered several rounds of frenzied, volatile trading, gold prices have stabilized early this week ahead of the Christmas holiday. Gold prices still remain near six-year lows from the early portions of this month.
Crude rallies 3% amid inventory draw, but still nears multi-year lows
Crude futures surged 3% on Wednesday, bouncing off near multi-year lows after an unexpected draw in U.S. crude stockpiles last week provided a boost to oil prices ahead of the Christmas holiday.
On the New York Mercantile Exchange, WTI crude for February delivery traded in a broad range between $36.28 and $37.77 a barrel, before settling at $37.50, up 1.36 or 3.78% on the session. U.S. crude futures remain near six-year lows around $34 a barrel from earlier this week. As long-term concerns related to oversupply have persisted throughout 2015, Texas Long Sweet futures have plunged by more than 30%.
On the Intercontinental Exchange (ICE), brent crude for February delivery wavered between $36.28 and $37.47 a barrel, before closing at $37.38, up 1.27 or 3.50% on the day. North Sea brent futures hovered near 11-year lows from Tuesday's session when the price of the international benchmark of crude dipped below $35 a barrel for the first time since July, 2004. Both WTI and brent crude remain down by more than 10% since OPEC opted to leave it output quota unchanged at a closely-watched meeting earlier this month.
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