In Asia: Gold Up, USD Down, Stocks Off + Commodities

In Asia: Gold Up, USD Down, Stocks Off + Commodities


Notes: The Federal Open Market Committee (FOMC) will announce its interest rate stance at 2:00p EST Wednesday, the market is focused.

In Asia

Gold: Gold prices moved to 5-month highs Wednesday as a softer USD supported the coin and bar buyers, while investors awaited cues on the rate hike trajectory of the FOMC from its 2-day policy meeting later in the day Wednesday

  • Spot gold was up 0.1% at $1,250.20 oz, as of 0405 GMT, after hitting its highest mark since 11 July at $1,251.06 earlier in the session.
  • US gold futures were up 0.1% at $1,254.60 oz.

If the Fed comes off dovish then gold prices should consolidate and hold at $1,256 and if it breaks that we might see prices going North to $1,265+.

Holdings in SPDR Gold Trust (GLD), the world’s largest gold-backed ETF (exchange-traded fund), rose 1.08% to 771.79 tonnes Tuesday.

Energy:  Crude Oil prices rebounded Wednesday after falling for the past 3 sessions with worries about oversupply and a slowing global economy keeping markets under pressure though sentiment may be shifting as falling equity markets seemed to stabilize.

  • NYMEX WTI Crude Oil up 4c, or 0.09%, to $46.28 bbl by 0443 GMT
  • ICE Brent Crude Oil futures rose 0.4%, or 23c, at $56.49 bbl.

My work shows that there is no Bullish sentiment ahead.

Equities: The S&P 500 finished up Tuesday ending its losing streak. 
MSCI’s world stock index fell 0.3%. The index is down 10% YTD, and is set for its worst year in 10.

A speech by Chinese President Xi, which investors had hoped could lift morale, had little impact after he offered no specific support measures for the economy. Chinese shares fell over 1%. Japan’s Nikkei lost 1.8%.

Currencies: The US Dollar (.DXY) measures the Buck against a basket of 6 peer currencies, and was down 0.3% after marking a 1-week low in the prior session.

Commodities: Energy, Metals, and Agriculture Grains


NYMEX Crude Oil »46.48 USD+0.24+0.52%Dec 181:11AM EST
ICE Brent Crude »56.70 USD+0.44+0.78%Dec 187:00PM EST
NYMEX RBOB Gasoline »1.36 USD+0.01+0.76%Dec 1812:59AM EST
Dubai Crude Spot »54.72 USD+0.30+0.55%Dec 021:31AM EST
ICE Gas Oil »528.25 USD-2.00-0.38%Jan 197:00PM EST
NYMEX No2 Heating Oil »1.77 USD+0.02+0.92%Dec 181:18AM EST
NYMEX Nat Gas »3.84 USD+0.00+0.05%Dec 181:21AM EST
ICE NBP Nat Gas »65.53 GBP+0.000.00%Dec 187:00PM EST
Gold Spot »1,250.11USD+0.82+0.07%Dec 027:00PM EST
COMEX 100oz Gold »1,249.20USD+0.000.00%Dec 183:50PM EST
Silver Spot »14.69USD+0.05+0.33%Dec 027:00PM EST
Platinum Spot »787.60USD+0.61+0.08%Dec 027:00PM EST
Palladium Spot »1,252.73USD+8.99+0.72%Dec 027:00PM EST
COMEX Copper »2.68USD+0.01+0.32%Dec 1812:14AM EST

Stay tuned…

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