Gold prices-Gold languished close to a near-six-year low on Monday, hurt by a robust dollar and upbeat comments by Federal Reserve officials regarding a U.S. rate hike next month. Speculation that the Fed will lift interest rates for the first time in nearly a decade this year has intensified since the release of strong U.S. jobs data earlier this month, which triggered a sharp drop in gold prices. The Fed should "soon" be ready to raise interest rates as U.S. central bankers grow confident that low inflation will rebound and that employment remains stable, William Dudley, the influential head of the New York Fed, said on Friday.
MCX Copper Tips-LME copper should range between USD 4,520-4,570/mt during Asian trading hours Monday. Eyes will be on China’s profit result at above-scale industrial enterprises. Besides, markets will also focus on economic figures from US this week, including November’s Markit manufacturing PMI and University of Michigan CCI, October’s existing home sales and durable goods orders. Some of those figures should be disappointing. US dollar stays below 100 and shows no signs of breakthrough, weakening support from US economic figures.
Crude oil prices-Crude futures lost ground in early Asian trading on Monday, with U.S. oil plunging over 2 percent on festering worries over a global supply surplus. The markets would likely rebound only if they saw a fall in U.S. crude inventories, while declining U.S. crude output and seasonal demand provide some support to oil at low prices. Venezuela's oil minister said on Sunday that OPEC cannot allow an oil price war and must take action to stabilize the crude market soon.
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