Gold prices-Gold hit a fresh nine-week high above $1,100 an ounce on Friday, as investors sprinted to safe-haven assets due to jitters over the Chinese economy and tumbling stock markets. China's central bank is under increasing pressure from policy advisers to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good.
MCX Copper Tips-SHFE copper was stronger than LME copper overnight due to depreciation in Chinese yuan. US non-farm payrolls are the most eye-catching figures this week. A series of economic figures from US issued previously turned out to be upbeat and thus December’s non-farm payrolls should also perform well. Markets expect the figures to grow 200,000 people, slightly below November’s level. But dovish tones of meeting minutes are enough to support Fed’s rate hike and the rate hike path will depend on inflation and export.
Crude oil prices-Oil prices rose more than 2 percent on Friday, following China shares higher after Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes, although a persistent global crude surplus kept a lid on gains. Oil prices plunged to 12-year lows in the previous session after China allowed its yuan currency to slip, sending stock markets tumbling globally. Beijing then suspended equities trading as the sharp falls triggered the circuit-breaking mechanism for a second time since its introduction this week.
Gold prices were nearly flat in Asia investors now looking ahead to the Federal Reserve for its views on rates.
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