Gold rises, but still near 6-month lows
Gold futures were seen trading higher in the early part of Wednesday’s Asian session, but the yellow metal is still hovering near six-month lows following a loss in Tuesday’s U.S. session.
Gold futures were likely to test support USD1,592 a troy ounce, and resistance at USD1,618.70, Monday's high.
Another day of upside for U.S. equities and some decent economic news out of the euro zone sent traders to riskier assets and left gold traders yearning for more gains.
In Germany, the ZEW Centre for Economic Research reported earlier that its index of German economic sentiment jumped to 48.2 in February, the highest since April 2010, from 31.2 in January.
The figure far surpassed analysts' expectations for a 35.0 reading and sent the euro gaining against the greenback, which tends to boost gold prices. Germany is the euro zone’s largest economy.
In U.S. economic news, the National Association of Home Builders/Wells Fargo Housing Market Index dropped to a reading of 46 in February from 47 in January. The small drop by the Housing Market Index came as a surprise to economists, who had expected the index to rise to 48.
Gold traders will now turn their attention to the release of meeting minutes from the Federal Open Market Committee later today, looking for any signs that the Federal Reserve is getting closer to halting its USD85 billion per month bond-buying program.
Gold futures were likely to test support USD1,592 a troy ounce, and resistance at USD1,618.70, Monday's high.
Another day of upside for U.S. equities and some decent economic news out of the euro zone sent traders to riskier assets and left gold traders yearning for more gains.
In Germany, the ZEW Centre for Economic Research reported earlier that its index of German economic sentiment jumped to 48.2 in February, the highest since April 2010, from 31.2 in January.
The figure far surpassed analysts' expectations for a 35.0 reading and sent the euro gaining against the greenback, which tends to boost gold prices. Germany is the euro zone’s largest economy.
In U.S. economic news, the National Association of Home Builders/Wells Fargo Housing Market Index dropped to a reading of 46 in February from 47 in January. The small drop by the Housing Market Index came as a surprise to economists, who had expected the index to rise to 48.
Gold traders will now turn their attention to the release of meeting minutes from the Federal Open Market Committee later today, looking for any signs that the Federal Reserve is getting closer to halting its USD85 billion per month bond-buying program.
Oil posts small gains, bounces back from U.S. losses
Oil futures posted modest gains during Wednesday’s Asian session after enduring a small loss in the U.S. Tuesday.
On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.11% to USD97.20 per barrel, just below the session high of USD97.23 per barrel. The contract closed down 0.20% at USD96.22 a barrel in the U.S. on Tuesday.
Mixed economic data from some of the world’s largest economies may have played part in oil’s sluggish price action. In U.S. economic news, the National Association of Home Builders/Wells Fargo Housing Market Index dropped to a reading of 46 in February from 47 in January. The small drop by the Housing Market Index came as a surprise to economists, who had expected the index to rise to 48.
On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.11% to USD97.20 per barrel, just below the session high of USD97.23 per barrel. The contract closed down 0.20% at USD96.22 a barrel in the U.S. on Tuesday.
Mixed economic data from some of the world’s largest economies may have played part in oil’s sluggish price action. In U.S. economic news, the National Association of Home Builders/Wells Fargo Housing Market Index dropped to a reading of 46 in February from 47 in January. The small drop by the Housing Market Index came as a surprise to economists, who had expected the index to rise to 48.
Natural Gas shoots up as chilly weather forecasts grow even chillier
Natural gas futures shot up on Tuesday after weather services calling for a return of cooler temperatures intensified.
On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD3.276 per million British thermal units, up 3.92%.
The commodity hit a session low of USD3.171 and a high of USD3.279.
The latest runs from forecast models released earlier called for below-normal readings for most of the nation in the coming week.
On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD3.276 per million British thermal units, up 3.92%.
The commodity hit a session low of USD3.171 and a high of USD3.279.
The latest runs from forecast models released earlier called for below-normal readings for most of the nation in the coming week.
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