Gold prices weaker in Asia on Fed views, China trade data mixed
Gold fell, but copper gained as Chinese trade data was mixed in November though imports fell less than expected.
On the Comex division of the New York Mercantile Exchange, gold for February delivery fell 0.50% to $1,069.80 a troy ounce. Silver futures for March delivery lost 0.85% to 14.210 a troy ounce, while copper futures gained 0.25% to $2.050 a pound. In China, key trade data for November showed a 6.8% drop in exports, more than the 5.0% decline seen, and imports down 8.7%, less than the 12.6% drop expected, The overall surplus came in at $54.10 billion, compared to an expected $63.30 billion.
NYMEX crude gains in Asia on rebound, China import figures help
Crude oil gained in Asia on a rebound from overnight losses and as Chinese trade data showed a slower pace of import declines than expected.
On the New York Mercantile Exchange, WTI crude for January delivery rose 0.33% to $37.77 a barrel. In China, key trade data for November showed a 6.8% drop in exports, more than the 5.0% decline seen, and imports down 8.7%, less than the 12.6% drop expected, The overall surplus came in at $54.10 billion, compared to an expected $63.30 billion. Earlier, in Japan, bank lending rose 2.3% as expected year-on-year in November, while the current account for October came in at a surplus of ¥1.458 trillion, slightly narrower than the expected ¥1.659 trillion surplus. Also in Japan, third quarter GDP slumped 0.8% year-on-year compared to a 0.2% fall seen and fell 0.2% quarter-on-quarter compared to a 0.1% drop expected. In Australia, the NAB business confidence survey rose to 5 in November from 2 in the previous month, while the business survey rose to 10 from 9. Overnight, U.S. crude futures plunged below $38 a barrel falling to fresh six-year lows. On the Intercontinental Exchange (ICE), Brent crude for wavered between $40.60 and $43.22 a barrel, before closing at 40.73, down 2.26 or 5.26% on the day. At one point in U.S. afternoon trading, North Sea brent futures fell to its lowest level since March, 2009.
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