MCX Bullion News Updates

Gold prices-Gold dropped early on Thursday in Asia, slipping from a 1-1/2-week high, as battered stocks bounced back along with U.S. crude. Bullion has benefited from the risk-averse sentiment that has dragged equities and oil to multi-year lows and pushed investors towards assets deemed as safe havens. Asian shares and the dollar edged higher, but investors remained cautious as another shakeout on Wall Street and oil prices suggested volatility in financial markets will continue to temper risk appetite.

MCX Copper Tips-Base metal prices on the SHFE are expected to stay weak on Jan. 21, Shanghai Metals Market foresees. Market will eye US initial jobless claims for last week, the euro zone’s January consumer confidence index, as well as ECB President’s speech on Thursday. US initial jobless claims are expected to fall to 278,000 last week. However, there is little chance for Philadelphia Fed’s manufacturing index to improve in January. The ECB is expected to stay put in its monetary policy during the January meeting.  

Crude oil prices-U.S. crude oil prices stabilized in early Asian trade on Thursday after hitting fresh 2003 lows the session before, but analysts said a persistent global glut would keep pressuring markets. That was over $2 above its last close, although traders said that the jump was misleading due to the roll-over of front-month contracts overnight. Yet broader market sentiment remained bearish as producers around the world pump 1-2 million barrels of crude every day in excess of demand, creating a huge storage overhang.

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