Gold prices-Gold lost more ground on Friday, falling for five out of six sessions as a rebound in oil and equity markets reduced the precious metal's safe haven appeal. Gold has dropped 2.5 percent this week, its biggest weekly decline since early November. A bounce in global stock markets and oil prices added pressure on precious metals. The metal hit two-month highs at $1,112 last week as volatility in Chinese stocks battered appetite for risk.
MCX Copper Tips-LME copper will fluctuate between USD 4,380-4,420/mt during Asian trading hours Friday with eyes on Chinese stocks and yuan. US December PPI, retail sales and industrial output and University of Michigan’s January CCI will be released today, with market optimism expected to prevail in the market. This should boost base metals. US December non-farm employment beat market expectations, but growth in wages slowed. This, combined with sharp declines in US November wholesales, bode ill for December retail sales.
Crude oil prices-U.S. crude oil futures fell in Asian trade on Friday, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market. WTI is on track to post a third consecutive weekly loss, down more than 6 percent. The contract is down nearly 18 percent from a 2016 high on January 4. Western sanctions on Iran are expected to be lifted within days, potentially paving the way for more crude oil exports from the country, under a landmark agreement on Tehran's disputed nuclear program.
Gold prices were little changed in European trade on Tuesday, as investors assessed the possibility.
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