Gold prices-Gold opened the trading week higher on Monday as Asian stocks tumbled to their lowest since 2011 on the heels of weak U.S. economic data that fueled a sell-off on Wall Street. Hedge funds and money managers switched to their first bullish bet in COMEX gold in two months and lifted their bullish bet in silver in the week to Jan. 12, U.S. Commodity Futures Trading Commission data showed on Friday. U.S. retail sales fell in December along with industrial production.
MCX Copper Tips-Global stock market was gloomy and Chinese A-shares fell below 3,000. Depreciation in Chinese yuan continued while US dollar hovered at highs. China will release a basket of economic data for December this week. China’s NBS will hold a meeting on Tuesday regarding economic conditions, with market attention on retail sales, as well as fixed asset and housing market investment. A series of incoming Chinese economic data will increase volatility in base metals. It is hoped that the ECB will loosen monetary policy in its January meeting.
Crude oil prices-Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country at the weekend. The U.N. nuclear watchdog on Saturday said Tehran had met its commitments to curtail its nuclear program, and the United States immediately revoked sanctions that had slashed the OPEC member's oil exports by around 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd. Is now free to sell as much oil.
Today Gold futures edge higher on MCX and Gold for August delivery on the Comex division.
ReplyDeleteEpic Research