Gold dips in early Asia after overnight surge, U.S. jobs data eyed
Gold prices dipped slightly in early Asia on Thursday as investors looked ahead to the end of the week U.S. jobs report for fresh direction after an overnight surge.
On the Comex division of the New York Mercantile Exchange, gold for April delivery eased 0.06% to $1,142.40 a troy ounce. Overnight, gold surged to a fresh three month high on Wednesday as the dollar continued to retreat from last week's Bank of Japan-driven rally, amid signals of slowing economic growth and decelerated job gains in the labor market. Gold has closed higher by at least $10 an ounce in three of its last seven sessions. At one point on Wednesday, the precious metal reached its highest level since October 30.
Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,175.10, the high from Oct. 28.
NYMEX crude rebounds in Asia on output cut talk
Crude oil prices rebounded in Asia on Thursday as investors took profits off a sharp surge sparked by talk of output cuts by major producers.
On the New York Mercantile Exchange, WTI crude for March delivery rose 1.07% to $32.59 a barrel following an early round of profit taking.
Overnight, U.S. crude futures surged more than 8% on Wednesday, amid a severely weakening dollar, as energy traders shrugged off a considerable build in U.S. crude futures in favor of growing support for an emergency OPEC meeting aimed at addressing longstanding concerns related to excessive supply. U.S. crude futures rallied one day after closing below $30 for the first time in more than a week, as optimism of a high-level meeting between Russia and Saudi Arabia faded. The prospects of a meeting triggered a major rally last week, amid reports that the oil powers could slash production as much as 5%. WTI crude is still near its 12-year low from late last month when it slid below $27 a barrel to fall to its lowest level since 2003. On the Intercontinental Exchange (ICE), Brent crude for April delivery wavered between $32.30 and $34.98 a barrel, before closing at $35.04, up 2.32 or 7.09% on the session. North Sea brent crude followed a five-day winning streak from last week by tumbling by approximately $3 a barrel during the prior two sessions.
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