Wednesday, 16 December 2015

MCX Bullion News Updates

Gold prices--Gold prices eased in Asia on Thursday with the pace of future Federal Reserve rate hikes now the focus after chief Janet Yellen suggested a "gradual path forward. On the Comex division of the New York Mercantile Exchange, gold for February delivery fell 0.48% to $1,067.90 a troy ounce. A rate-hike is widely viewed as bearish for gold, which is not attached to interest rates or dividends and struggles to compete with high-yield bearing assets. FOMC removed patience language from its monetary policy statement at the time, FOMC's next meeting in April.

MCX Copper Tips-LME copper should move between USD 4,560-4,620/mt during Asian trading hours Thursday. Attention should be paid to Germany’s IFO business climate index for December and US Philadelphia Fed's manufacturing index for December on Thursday. Markets expect figures from Germany to be stable and thus this will pose little impact on market. US Fed, as widely expected, announced on Thursday to raise the range of its benchmark interest rate by 0.25 percentage points - its first increase since 2006. US Fed President Yellen delivered speech in a cautious tone and noted that US economy remains weak.  
Crude oil prices-Crude futures rose in Asian trade on Thursday recouping some of the losses from the previous session, when they fell sharply after the Federal Reserve raised rates and official figures showed a surprise build in U.S. inventories. The EIA data showed crude inventories rose 4.8 million barrels last week to near record highs, while analysts in a Reuter’s poll had forecast a drop of 1.4 million barrels. The U.S. Fed hiked interest rates for the first time in nearly a decade on Wednesday, a sign it believes that the U.S. economy had largely overcome the calamity that was the 2007-2009 financial crisis.


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