Gold drifts lower in Asia after strong U.S. session
Gold futures drifted lower in the early part of Friday’s Asian session after bullion posted a strong gain during Thursday’s U.S. session.
Gold futures were likely to test support USD1,643.25 a troy ounce, Monday's low, and resistance at USD1,695.35, the high from Jan. 2.
Gold caught a bid after the European Central Bank, as was widely expected, decided to leave interest rates unchanged. Some traders expected some hints from ECB President Mario Draghi that rate cuts could be on the docket later this year, but even that language was nowhere to be found.
Gold was also boosted successful auctions of Italian and Spanish debt. Spain’s Treasury at auction earlier sold EUR5.8 billion worth of debt, above a target set at EUR5 billion, with the yield on five-year notes down to 3.99% from 4.20% at an auction last week.
Gold caught a bid after the European Central Bank, as was widely expected, decided to leave interest rates unchanged. Some traders expected some hints from ECB President Mario Draghi that rate cuts could be on the docket later this year, but even that language was nowhere to be found.
Gold was also boosted successful auctions of Italian and Spanish debt. Spain’s Treasury at auction earlier sold EUR5.8 billion worth of debt, above a target set at EUR5 billion, with the yield on five-year notes down to 3.99% from 4.20% at an auction last week.
Oil mixed in Asia following news of Saudi production cut
Oil futures were mixed in the early part of Friday’s Asian session with the benchmark U.S. contract posting a modest gain following another round of positive of Chinese economic data and news of a production cut from Saudi Arabia.
Natural gas prices shoot up on bullish new supply figures
Natural gas futures shot up on Thursday after the U.S. government reported that supplies fell more than expected last week.
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