Gold prices-Gold retained gains from a two-day rally on Tuesday supported by a slide in the dollar, but a slump in oil prices and uncertainty over the pace of future U.S. interest rate hikes capped the metal's advance. The metal got a boost on Monday as the dollar fell after data from the Chicago Federal Reserve suggested the U.S. economy grew at a below average pace in November before the Federal Reserve raised interest rates last week. The Fed's promise of gradual rate hikes in coming months means the central bank will not raise rates at every meeting, Atlanta Fed President Dennis Lockhart said on Monday.
MCX Copper Tips-LME copper is expected to move higher to USD 4,710-4,765/mt during Asian trading hours Tuesday thanks to exit of shorts with market staying quiet near year’s end. US Q3 GDP and November existing home sales slated for release today are optimistic, which will boost the US dollar index. Base metals prices are expected to maintain upward trend today, but any increases will be constrained. US final PCE price index in Q3 is expected to remain weak. Q3 GDP growth should remain flat at revised Q3 growth. Household spending only rose 3% YoY in Q3, falling short of the 3.6% increase in Q2. Exports and local expenditure also slowed.
Crude oil prices-U.S. crude futures jumped away from 2009 lows in early Asian trading on Tuesday as the peak winter month took over as the prompt delivery contract, but milder weather than usual was capping heating demand and the price outlook for early 2016. Oil analysts at BNP Paribas said that the amount of U.S. heating degree days had been 30 percent below the 10-year average since Dec. 7. Bank of America Merrill Lynch said Iranian output could go up by 600,000 barrels per day, from a current volume of around 1 million barrels per day, over a period of six months once sanctions are lifted.
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