Gold prices-Gold languished close to a near-six-year low on Thursday after comments from Federal Reserve chair Janet Yellen boosted expectations of a U.S. rate hike this month, while the strength in the dollar also weighed on the metal. Fed Chair Yellen said on Wednesday she was "looking forward" to a U.S. interest rate rise that will be seen as a testament to the economy's recovery from recession. Investors are rapidly pulling out of bullion funds. In her remarks to the Economic Club of Washington, Yellen expressed confidence in the U.S.
MCX Copper Tips-LME copper is expected to move at lows between USD 4,520-4,580/mt during Asian trading hours Thursday. Market expectations grew that European Central Bank will expand quantitative easing at its policy meeting this evening. Atlanta Federal Reserve Chairman said the US Fed is expected to raise interest rate unless major economic indicators are unexpectedly disappointing. US factory orders in October are expected to turn around as Market’s October PMI in the US hit a new high since May. US non-manufacturing PMI in October hit the second highest for the year, with employment sub-indices growing noticeably.
Crude oil prices-U.S. crude prices were hovering above $40 on Thursday, after falling more than 4 percent a day earlier on an unexpected rise in stockpiles, while Brent was weighed down by concerns that OPEC will keep its output ceiling unchanged. The market is reacting to the continued build in U.S. inventories, the second thing is the Saudis move to reduce prices for Asian customers," said Ric Spooner, chief market analyst at Sydney's CMC Markets. Saudi Arabia and its Gulf allies will reject fellow OPEC members' calls to cut oil output, Iran said on Wednesday. Technical analysts said U.S. crude may fall toward its Nov. 20 low of $38.99.
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