Gold prices down slightly in early Asia, Fed comments awaited
Gold prices fell slightly in early Asia on Wednesday with remarks from the latest Federal Reserve policy meeting a key focus, especially any comment about the economic wobbles in China. On the Comex division of the New York Mercantile Exchange, gold for February delivery eased 0.03% to $1,119.60 a troy ounce. Silver for March delivery fell 0.14% to $14.470 an ounce. Copper for March delivery eased 0.02% to $2.036 a pound. Overnight, gold extended sharp gains from the previous session on Tuesday surging to three-month highs, as equities in China plunged to their lowest level in more than a year exacerbating concerns on a potential global recession.
NYMEX crude down more than 2% in Asia after API data shows massive build
Crude oil prices reversed course and fell sharply in Asia on Wednesday as U.S. industry estimates showed a massive build in U.S. crude stockpiles last week and investors awaited more details on any efforts by major producers to trim output.
On the New York Mercantile Exchange, WTI crude for March delivery dropped 2.29% to $30.74 a barrel.
The American Petroleum Institute's weekly crude stockpile report released late Tuesday showed an 11.4 million barrels build, well above the 3.5 million barrels seen. Separately, Wednesday's report from the U.S. Department of Energy could show that domestic crude inventories rose by 3.5 million barrels for the week ending on January 22.
Overnight, crude futures surged nearly 4% on Tuesday reversing losses from the overnight session, as Kuwait's OPEC governor hinted that the world's largest oil cartel could be willing to slash production to curtail a persistent downturn in prices.
U.S. crude futures briefly dipped below $30 a barrel in Asia, amid continuing signs of weakening demand in China. A session earlier, the front month contract for WTI crude slumped nearly $2 a barrel, halting a two-day winning streak when Texas light, sweet futures surged more than 15%.
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