Gold Prices - seesawed between small gains and dips in Asia on Friday as investors sought bargains after a sharp overnight drop on views over the timing of a widely expected Federal Reserve rate hike. Metal traders continued to digest hawkish comments from the Federal Open Market Committee on Wednesday, when the U.S. central bank provided compelling indications that it could lift interest rates at its next meeting in December. The FOMC reframed its policy discussion on Wednesday, by including a line in its monetary policy statement that explicitly put a December lift-off back on the agenda.
MCX Copper Tips - LME copper started at USD 5,210/mt overnight and lurched down all the way and moved at lows around USD 5,120/mt near session’s end, to close at a low of USD 5,129/mt, down USD 61/mt. Positions posted a rise but trading volumes fell. LME copper inventories still dropped. US GDP figures and existing home sales released last night were downbeat, weighing down US dollar. And crude oil prices seek support from seasonal growth in demand. China’s economic plan during the 13th 5-year plan period come under spotlight and lots of topics in the plan will focus markets’ attention. Besides, eyes should be closely on China’s shares on Friday.
Crude Oil Prices - futures dropped in early Asian trading on Friday after the release of a report showing that U.S. economic growth had slowed sharply, reinforcing concerns about sluggish demand in a world awash with oil. U.S. economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to work off an inventory glut, data showed. The sluggish U.S. growth figures and weak home sales numbers have tempered the market's positive reaction to government figures earlier in the week showing oil stockpiles last week had increased by 3.4 million barrels, which was below the estimate from an industry group.
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