Gold futures rose during Tuesday’s Asian session after the yellow metal slid during U.S. trade Monday as traders await the latest batch of headlines out of the Federal Reserve.
Gold futures were likely to test support USD1,643.25 a troy ounce, the low from Jan. 07, and resistance at USD1,695.85, Tuesday's high.
The Fed wraps up its latest monetary policy on Wednesday and traders are eagerly awaiting any news regarding the central banks USD85 billion per month quantitative easing program. Recently, there have been indications that there is division among Fed governors regarding when the central bank should bring an end to QE.
Those comments plagued gold earlier this month, but the yellow metal would later receive a boost after Fed Chairman Ben Bernanke indicated he is still not comfortable with the pace of the U.S. economic recovery.
Elsewhere, press reports out of China, one of the world’s largest gold consumers, indicate the China Securities Regulatory Commission is mulling the creation of exchange-traded funds to allow investors there to gain access to gold. The ETFs China is considering would track gold futures contracts, not be backed by physical holdings of gold.
Gold futures were likely to test support USD1,643.25 a troy ounce, the low from Jan. 07, and resistance at USD1,695.85, Tuesday's high.
The Fed wraps up its latest monetary policy on Wednesday and traders are eagerly awaiting any news regarding the central banks USD85 billion per month quantitative easing program. Recently, there have been indications that there is division among Fed governors regarding when the central bank should bring an end to QE.
Those comments plagued gold earlier this month, but the yellow metal would later receive a boost after Fed Chairman Ben Bernanke indicated he is still not comfortable with the pace of the U.S. economic recovery.
Elsewhere, press reports out of China, one of the world’s largest gold consumers, indicate the China Securities Regulatory Commission is mulling the creation of exchange-traded funds to allow investors there to gain access to gold. The ETFs China is considering would track gold futures contracts, not be backed by physical holdings of gold.
Oil boosted by positive data points
Oil futures gained during Tuesday’s Asian session following a decent showing in Monday’s U.S. session that was supported by some decent economic data points.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery rose 0.22% to USD96.66 in Asian trading Tuesday. Crude closed at USD96.14 a barrel on Monday, up 0.27%, off from a session high of USD96.81 and up from an earlier session low of USD95.51.
In U.S. economic news, the Commerce Department said durable goods orders jumped 4.6% last month. Core durable goods orders increased 0.2%.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery rose 0.22% to USD96.66 in Asian trading Tuesday. Crude closed at USD96.14 a barrel on Monday, up 0.27%, off from a session high of USD96.81 and up from an earlier session low of USD95.51.
In U.S. economic news, the Commerce Department said durable goods orders jumped 4.6% last month. Core durable goods orders increased 0.2%.
Natural gas prices plunge as forecasts finally agree on warming trend
Natural gas futures plummeted on Monday after weather services began forecasting a warming trend to settle in over the central and eastern swathes of the U.S.
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