Gold futures extend losses from Friday as Fed taper outlook weighs

Gold futures extend losses from Friday as Fed taper outlook weighs

Gold futures were lower during European morning hours on Monday, extending sharp losses from Friday, as traders reassessed their expectations regarding the duration of the Federal Reserve’s bond-buying program.

Gold prices fell by as much as 1.4% earlier in the day to hit a session low of USD1, 313.10 a troy ounce, the weakest level since September 18. The December contract ended 2.7% lower on Friday to settle at USD1, 332.50 a troy ounce.

Silver futures decline with Fed stimulus outlook in focus

Silver futures declined on Monday, as uncertainty over the direction of Federal Reserve policy weighed, following last week’s surprise decision to announce no reduction to its USD85 billion-a-month stimulus program.

Silver prices fell by as much as 2.7% earlier in the day to hit a session low of USD21.32 a troy ounce, the weakest level since September 18. The December contract ended down 5.85% at USD21.92 a troy ounce on Friday.

Silver prices plunged on Friday after St. Louis Fed President James Bullard said that the Fed’s decision not to taper its stimulus program in September was “close” and did not rule out a “small” reduction in bond purchases in October.

Copper futures lower as traders react to global manufacturing data

Copper futures were lower on Monday, as traders digested a series of manufacturing reports out of China and the euro zone in an attempt to gauge the strength of the global economy. 

Manufacturing numbers are used as indicators for demand growth because of its widespread uses across industries.

Crude oil futures edge lower as traders shrug off upbeat China PMI

 

Crude oil futures edged lower to trade at the weakest level in four-weeks on Monday, as market players shrugged off the release of upbeat Chinese manufacturing data and continued to focus on receding concerns over a disruption to supplies from the Middle East.

On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD104.33 a barrel during European morning trade, down 0.4%.