Gold trades slightly higher in Asian trading
On the New York Mercantile Exchange, light sweet crude futures for delivery in February climbed 0.51% to USD94.47 per barrel in Asian trading Monday. Monday’s bullishness follows a 0.1% loss in the U.S. last Friday, but crude futures gained 0.7% for the week and that was good for the fifth consecutive weekly gain.
Robust Chinese trade data further supported gains. Chinese exports grew 14.1% from a year earlier in December, blowing past expectations for a 5% gain and up from a 2.9% increase in November.
In the week ahead, oil traders will be focused on several important economic data points scheduled to be released in the U.S. Those reports include housing starts numbers and the Philadelphia Federal Reserve factory activity index due out on Thursday and the Thomson Reuters/University of Michigan consumer sentiment number slated to be released Friday.
Other important data points scheduled to be released this week that could move oil prices include Eurozone industrial production and a spate of consumer price index reports from Eurozone nations on Tuesday.
Oil traders will be anticipating a speech by Federal Reserve Chairman Ben Bernanke on monetary policy and the recovery from the global financial crisis on Monday. In addition to that, China’s fourth-quarter GDP report is due out later this week.
China’s GDP report combine with the various U.S. economic could lead to some increased volatility in oil prices this week because the U.S. and China are the world’s two largest oil consumers
Gold futures rose modestly in the early part of Asia’s Monday session following a glum performance to end last week.
Late last week, gold futures were supported by the European Central Bank leaving interest rates unchanged at 0.75%. Successful auction of Italian and Spanish debt breathed some life into the euro. Despite the risks carried by Italian and Spanish debt, investors seem to be attracted to the yields on those bonds and that appetite for risk allows the embattled Eurozone economies to reduce borrowing costs, bolstering the common currency and gold in the process.
For the week ahead, U.S. economic reports due out housing starts numbers and the Philadelphia Federal Reserve factory activity index due out on Thursday and the Thomson Reuters/University of Michigan consumer sentiment number slated to be released Friday.
Investors will be anticipating a speech by Fed Chairman Ben Bernanke on monetary policy and the recovery from the global financial crisis on Monday.
Disappointments on any of those economic fronts could snap gold of its frustrating consolidation seen over the past several weeks and lead to some safe-haven buying.
Late last week, gold futures were supported by the European Central Bank leaving interest rates unchanged at 0.75%. Successful auction of Italian and Spanish debt breathed some life into the euro. Despite the risks carried by Italian and Spanish debt, investors seem to be attracted to the yields on those bonds and that appetite for risk allows the embattled Eurozone economies to reduce borrowing costs, bolstering the common currency and gold in the process.
For the week ahead, U.S. economic reports due out housing starts numbers and the Philadelphia Federal Reserve factory activity index due out on Thursday and the Thomson Reuters/University of Michigan consumer sentiment number slated to be released Friday.
Investors will be anticipating a speech by Fed Chairman Ben Bernanke on monetary policy and the recovery from the global financial crisis on Monday.
Disappointments on any of those economic fronts could snap gold of its frustrating consolidation seen over the past several weeks and lead to some safe-haven buying.
Conversely, a slew of marquee fourth-quarter earnings reports are due to be reported this week in the U.S. and that could have traders focusing more on stocks than the debt ceiling debate. The heavier focus on equities could reduce volatility in gold over the next several days.
Oil Soars in Asia; looks for sixth straight weekly gain
Oil futures moved higher in the early part of Monday’s Asian session, rebounding from a downbeat finish to last week.
On the New York Mercantile Exchange, light sweet crude futures for delivery in February climbed 0.51% to USD94.47 per barrel in Asian trading Monday. Monday’s bullishness follows a 0.1% loss in the U.S. last Friday, but crude futures gained 0.7% for the week and that was good for the fifth consecutive weekly gain.
Robust Chinese trade data further supported gains. Chinese exports grew 14.1% from a year earlier in December, blowing past expectations for a 5% gain and up from a 2.9% increase in November.
In the week ahead, oil traders will be focused on several important economic data points scheduled to be released in the U.S. Those reports include housing starts numbers and the Philadelphia Federal Reserve factory activity index due out on Thursday and the Thomson Reuters/University of Michigan consumer sentiment number slated to be released Friday.
Other important data points scheduled to be released this week that could move oil prices include Eurozone industrial production and a spate of consumer price index reports from Eurozone nations on Tuesday.
Oil traders will be anticipating a speech by Federal Reserve Chairman Ben Bernanke on monetary policy and the recovery from the global financial crisis on Monday. In addition to that, China’s fourth-quarter GDP report is due out later this week.
China’s GDP report combine with the various U.S. economic could lead to some increased volatility in oil prices this week because the U.S. and China are the world’s two largest oil consumers
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