Asia: Gold, USD, Crude Oil, Stocks & Commodities

Asia: Gold, USD, Crude Oil, Stocks & Commodities


Gold Steady
USD Flat
Crude Oil down
Stocks Higher

In Asia

Notes: The Federal Open Markets Committee (FOMC) will hold it next policy-setting meeting on 29-30 January.

Gold: Gold prices held steady Monday, near a 7-month peak scaled in previous session, on hopes the Fed will keep interest rates unchanged during its 2-day policy meeting this week.

  • Spot gold was firm at $1,301.44 oz, as of 0630 GMT
  • US gold futures climbed 0.2$ to $1,301 oz.

The FOMC meets between on 29-30 January, and Chairman Jerome Powell is expected to acknowledge growing risks to the US economy as global momentum weakens.

Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.

Demand for physical gold in India improved slightly last week as local prices eased from their highest level in over 5 years, while buying gathered steam in China ahead of the Lunar New Year festival.

Holdings of SPDR Gold, the largest gold-based ETF(exchange traded fund), ung around their highest marks since late June 2018.

Energy: Crude Oil prices fell by 1% Monday after US companies added rigs for the 1st time this year, a signal that output may rise further, and China, the world’s 2nd-largest Crude Oil user, reported additional signs of an economic slowdown.

  • NYMEX WTI Crude Oil futures were at $53.13 bbl at 0543 GMT, -56c, or 1%, from Friday’s settlement.
  • ICE Brent Crude Oil futures were at $61.03 bbl, -61c, or 1%.

High US Crude Oil production, which rose to a record 11.9-M BPD late last year, has been weighing on energy markets.

In a sign that output could rise further, US energy firms last week raised the number of rigs looking for new oil for the 1st time in Y 2019 to 862, an additional 10 rigs, Baker Hughes energy services firm said in its weekly report Friday.

Equities: Asian stocks stayed higher Monday while giving up sharper gains as Wall Street rallied after a deal was announced to reopen the US government following a prolonged shutdown that had shaken investor sentiment.

Currencies: USD eased Vs most of its peers Monday as investors turned their attention to this week’s FOMC policy meeting, with traders wagering policymakers will signal a pause in their tightening cycle.
Traders are Bearish USD for Y 2019.

Commodities: Energy, Metals, and Agriculture Grains

NYMEX Crude Oil »53.03 USD-0.66-1.24%Feb 191:27AM EST
ICE Brent Crude »60.95 USD-0.69-1.13%Jan 197:00PM EST
NYMEX RBOB Gasoline »1.38 USD-0.01-1.00%Jan 191:22AM EST
Dubai Crude Spot »60.56 USD-0.73-1.21%Dec 021:37AM EST
ICE Gas Oil »564.25 USD-3.75-0.66%Feb 197:00PM EST
NYMEX No2 Heating Oil »1.88 USD-0.02-0.89%Jan 191:23AM EST
NYMEX Nat Gas »2.92 USD-0.25-8.69%Jan 191:22AM EST
ICE NBP Nat Gas »56.04 GBP+0.000.00%Jan 197:00PM EST

Metals N/A Agriculture Grains N/A

Have a terrific week

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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