Gold prices-Gold steadied on Friday but largely retained losses made a day earlier when the metal suffered its biggest slide in five months after the Federal Reserve hiked U.S. rates for the first time in nearly a decade. Gold has come under intense sell off since the Federal Reserve raised the range of its benchmark interest rate by a quarter of a percentage point on Wednesday, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs. Many are predicting further drops. Gold is likely to test the key $1,000 level soon, technical analysts said.
MCX Copper Tips-LME copper should stay weak and move between USD 4,530-4,590/mt during Asian trading hours Friday. With markets lacking major reports on Friday, attention is turning to China’s 2016 Central Economic Work Conference. This triggers expectation for additional pro-growth measures in China, helping base metals to stabilize. China’s 2016 Central Economic Work Conference, a crucial meeting aiming to set the tone for economic policies in 2016, will start in Beijing on Dec. 18. Besides, the two-child policy will come into effect on January 1, 2016 and positive news in Chinese share market will improve market sentiment.
Crude oil prices-Russian oil producers have strengthened their position in Asia by supplying nearly a quarter more crude this year, shifting the balance of power in one of the few bright spots in the global market and blunting OPEC's high-profile drive to win customers. Russia's share of the world's biggest oil market has risen to 7.3 percent from 4.7 percent five years ago and shows how President Vladimir Putin's efforts to court Asian countries such as China is bearing fruit as it looks to cut its dependence on its traditional markets such as Europe.
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