Gold prices-Gold clung to overnight gains on Wednesday on a softer dollar and heightened tensions after Turkey shot down a Russian warplane, but the metal wasn't too far from a near-six-year low on fears the Federal Reserve will hike U.S. rates next month. Bullion benefited from safe-haven bids after Turkey shot down a Russian warplane near the Syrian border on Tuesday, saying the jet had violated its air space, in one of the most serious publicly acknowledged clashes between a NATO member country and Russia for half a century.
MCX Copper Tips-Given the back of Turkey-Russia tensions, LME copper will bounce back to USD 4,580-4,640/mt during Asian trading hours Wednesday. The focus is turning to US October’s durable goods orders and housing starts due out Wednesday night. Investors expect those figures to be upbeat. Markets expect October’s durable goods orders to return to 1.5% from September’s -1.2%. US new home sales hit year’s low in September following two straight months’ gains, which however, should improve in October. US dollar index is predicted to hover at highs with US improved housing market.
Crude oil prices-Crude oil futures extended gains on Wednesday after prices hit two-week highs in the previous session as tension mounted in the Middle East following Turkey's downing of a Russian warplane. In Asian hours you are seeing some profit-taking but bullish sentiment is continuing," said Daniel Ang, an investment analyst at Phillip Futures said, referring to the increased geopolitical risk in the oil-producing Middle East. We expect economic data to further support this momentum," Ang said separately in a Wednesday note.
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