Gold ticks higher in Asia with copper off from overnight surge
Gold ticked higher in Asia on Friday as investors awaited further cues from the U.S. where markets were shut overnight for Thanksgiving. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.09% to $1,071.00 a troy ounce. Silver futures for December delivery fell 0.11% to $14.230 a troy ounce. Elsewhere in metals trading, copper dropped 0.14% to $2.087 a pound after surging on Thursday, along with other base metals such as nickel and zinc, as China regulators were said to consider a probe into metal short-selling in the local market.
NYMEX crude dips in Asia as OPEC production cut looks doubtful
Crude prices dipped in Asia on Friday with investors doubtful of production cuts coming from an OPEC meeting early next month. Elsewhere, crude oil for delivery in January on the New York Mercantile Exchange fell 0.77% to $42.71 a barrel. Overnight, crude oil prices declined in holiday-thinned trade on Thursday, amid uncertainty about how quickly the global glut of crude is set to shrink. On the ICE Futures Exchange in London, Brent oil for January delivery slumped 72 cents, or 1.55%, to trade at $45.45 a barrel during U.S. morning hours. A day earlier, prices inched up 5 cents, or 0.11%.
Saudi Arabia said earlier this week that it is prepared to use all measures necessary to ensure a stable oil market. The world's biggest oil producer added that it is ready to cooperate with OPEC and non-OPEC producers in order to stabilize prices.
But on Wednesday, Saudi Aramco, the Kingdom’s largest oil producer, said it will not cut production in 2016, but will meet customer's demands. Total U.S. crude oil inventories stood at 488.2 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years.
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