Gold keeps tumbling below USD1,650 an ounce
Gold futures extended declines from Monday’s U.S. session during Asian trading Tuesday as technical pressure continued to build with the yellow metal languishing below USD1,650 per troy ounce.
Gold futures were likely to test support USD1, 635 a troy ounce, and resistance at USD1,655.
Gold futures were likely to test support USD1, 635 a troy ounce, and resistance at USD1,655.
Trade was quiet again today as markets in China, Japan, Singapore, Hong Kong, South Korea and other nations will be closed for all or part of this week due to Chinese New Year festivities. To this point in February, 1.2 tons of gold have been pulled from the SPDR Gold Shares, the world’s largest exchange traded fund backed by holdings of physical gold.
The Lunar New Year celebrations are seen as reducing gold liquidity in the financial markets and are also viewed as a catalyst for weak demand in the physical, particularly because China is among the world’s largest gold consumers.
Elsewhere, press reports noted today that over the past decade, Russia’s central bank acquired 570 tons of gold, making it the world’s largest buyer of bullion over that time frame. Global central banks have been stepping up gold purchases in recent years as a means of diversifying their holdings, particularly after the U.S. has moved to weaken the dollar.
The Lunar New Year celebrations are seen as reducing gold liquidity in the financial markets and are also viewed as a catalyst for weak demand in the physical, particularly because China is among the world’s largest gold consumers.
Elsewhere, press reports noted today that over the past decade, Russia’s central bank acquired 570 tons of gold, making it the world’s largest buyer of bullion over that time frame. Global central banks have been stepping up gold purchases in recent years as a means of diversifying their holdings, particularly after the U.S. has moved to weaken the dollar.
Crude gives back some of U.S. gains during Asian trade
Oil futures fell modestly during Tuesday’s Asian, paring gains notched during U.S. trade Monday European Central Bank official said the euro wasn't overvalued.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery dipped 0.1% to USD96.94 per barrel in Asian trading Tuesday. Crude settled up 1.03% at USD96.71 a barrel on Monday in the U.S.
On Monday, oil also got a lift from some positive French economic data. France's industrial output contracted by 0.1% in December from the month before, less than market calls for a 0.2% contraction though still down from November's 0.5% gain. France is the euro zone’s second-largest economy behind Germany.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery dipped 0.1% to USD96.94 per barrel in Asian trading Tuesday. Crude settled up 1.03% at USD96.71 a barrel on Monday in the U.S.
On Monday, oil also got a lift from some positive French economic data. France's industrial output contracted by 0.1% in December from the month before, less than market calls for a 0.2% contraction though still down from November's 0.5% gain. France is the euro zone’s second-largest economy behind Germany.
Natural Gas edges off 5-week low as forecasts point to warmer weather
Natural gas futures edged up from a 5-week low hit earlier when weather services issued forecasts for a warming trend to settle into the central and northeastern parts of the U.S.
On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD3.283 per million British thermal units, up 0.34%.
The commodity hit a session low of USD3.208 and a high of USD3.393.
Prices fell earlier after weather services indicated that colder-than-normal temperatures gripping much of the country were set to thaw, though bargain hunters nudged the commodity back into positive territory.
Updated weather forecast models pointed to a warming trend setting over the heavily populated Northeast and Midwestern areas of the country, with warmer to near-normal temperatures becoming the norm in the next six to 10 days.
On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD3.283 per million British thermal units, up 0.34%.
The commodity hit a session low of USD3.208 and a high of USD3.393.
Prices fell earlier after weather services indicated that colder-than-normal temperatures gripping much of the country were set to thaw, though bargain hunters nudged the commodity back into positive territory.
Updated weather forecast models pointed to a warming trend setting over the heavily populated Northeast and Midwestern areas of the country, with warmer to near-normal temperatures becoming the norm in the next six to 10 days.
No comments:
Post a Comment