Gold prices-Gold prices drifted higher in Asia on Friday ahead of U.S. consumer prices data and a light regional data day. Investors could gain further insight into the Fed's decision making process on Friday when the U.S. Department of Labor releases the Consumer Price Index for the month of January. Overnight, gold rose considerably on Thursday remaining above $1,200 an ounce.
MCX Copper Tips-LME copper will hover between USD 4,560-4,605/mt during Asian trading hours today and SHFE 1604 copper will range RMB 35,500-35,800/mt. Eyes are turning to the result of European Council summit and speeches of two US Fed officials on Friday. Economical figures should also be closely watched, including US January’s year-on-year CPI growth and February’s CCI in euro zone. The German Central Bank considerably cut the forecast for its inflation in 2016.
Crude oil prices-Crude prices fell in Asia on Friday with the global supply outlook bearish and demand lagging. Later Friday, research group Baker Hughes is expected to report rig count data in the U.S. Anyone who is introducing more supply into the market in the current situation is going to make it worse. Overnight, crude futures pared most of its earlier gains on Thursday, after an unexpected build in U.S. inventories last week pushed inventories to near full storage capacity.
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