Gold prices-Gold traded near a seven-week high on Thursday as investors channeled money into the safe-haven metal amid a global stock market rout, worries over the Chinese economy and heightened geopolitical tensions. The minutes assured markets that the Fed would hike rates gradually this year. The minutes made clear that some officials will be wary of further increases if higher inflation does not materialize, and all agreed that persistently low inflation was a worry.
MCX Copper Tips-LME copper should move between USD 4,600-4,640/mt during Asian hours Thursday and SHFE 1603 copper will range RMB 36,000-36,500/mt on January 7. Markets are digesting the dovish tone of meeting minutes from Fed’s December interest rate meeting. Fed officials intended to raise interest rate at a slow pace and emphasized risky factors like strong dollar and Chinese slowing economy. And worries about inflation triggered caution in rate hike path. US dollar turned volatile after the release of meeting minutes.
Crude oil prices-Brent crude futures fell to a fresh 11-year low on Thursday as a sliding yuan and an emergency halt in China's stock trading left Asian markets in a turmoil, while a huge supply overhang and near-record output levels also continued to drag on oil prices. Global oil prices have crashed 70 percent since mid-2014 as near-record output from major producers such as the Organization of the Petroleum Exporting Countries, Russia and North America has left storage tanks brimming with supplies.
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