Gold prices steady in Asia as Federal Reserve views on rate path awaited
Gold prices held nearly flat in Asia on Tuesday with the focus on U.S. Federal Reserve views on the trajectory of interest rates in the comng year. Gold for February delivery on the Comex division of the New York Mercantile Exchange traded at $1,108.00 a troy ounce, down 0.01%. Also on the Comex, silver futures for March delivery rose 0.07% to trade at $14.220 a troy ounce. Elsewhere in metals trading, copper gained 0.08% to $1.994 a pound. Copper is down nearly 6% so far this year as investors slashed holdings of the red metal amid persistent worries over an economic slowdown in China.
Overnight, gold futures rallied in North America trade on Monday, as retreating oil prices, a weaker dollar and losses in global equity markets underpinned demand for assets perceived as safer.
NYMEX crude falls sharply in Asia as fundamentals take control
Crude oil prices lost early gains in Asia and fell sharply as oversupply fundamentals continued to weigh.
Crude oil for delivery in March on the New York Mercantile Exchange fell 1.68% to $29.84 a barrel. Data on U.S. crude stockpiles from the American Petroleum Institute will likely be delayed until Wednesday, and a separate government report will likely be released on Thursday as a major snow storm on the U.S. east coast shut down the government in Washington.
Overnight, oil futures fell in North America trade on Monday, as investors shifted their focus back to concerns over a global supply glut and slowing global demand. On the ICE Futures Exchange in London, Brent oil for April delivery lost 99 cents, or 3.01%, to trade at $31.85 a barrel. London-traded Brent futures soared nearly $3, or 10%, on Friday, as expectations for fresh central bank stimulus in Europe and Japan triggered a massive short-squeeze rally. Brent futures gained $3.45, or 11.2%, last week, snapping a three week losing streak. Despite recent gains, Brent prices are still down almost 15% since the start of the year.
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