In Asia: Gold Up, USD Soft, Stocks Up + Commodities

In Asia: Gold Up, USD Soft, Stocks Up + Commodities

$GLD,$SLV,$USD,$USO,$OIL,$SOY,$CORN,$WEAT

Note: US President Trump, could shut down the government Friday, as Senate did not vote to fund The Wall at the southern border, Congress reconvenes Wednesday.

In Asia

Gold: Gold prices rose Monday, holding ground near a 6-month high hit last week, as investors are still concerned about political uncertainty in the United States and global economic slowdown.

  • Spot gold +0.6% at $1,263.91 oz, as of 0458 GMT. The precious Yellow metal had hit its highest marks since early July at $1,266.40 last Thursday.
  • US gold futures were up 0.7% at $1,267.4 oz.

Signs of political instability in the US at a time when the global economy is weakening pushed equities South, further boosting demand for gold.

Prices are likely to remain strong, as investors will start allocating some funds to gold considering that global growth is slowing and equity markets remain muted. If 1 has to seek refuge in these ongoing crises, gold is a good option.

Among other metals

  • Palladium +0.1% higher to $1,233.00 oz.
  • Silver rose 0.9% to $14.73 oz
  • Platinum gained 0.6% to $791.70 oz.

Energy: Crude Oil prices rose more than 1% Monday on signs that the recent price fall might start dampening supply from the US, currently the world’s biggest producer, though concerns about global economy continues to weigh somewhat.

  •  ICE Brent Crude Oil futures rose 60c, or 1.1%, to $54.42 bbl at 0408 GMT.
  • NYMEX WTI Crude Oil futures were up 37c, or 0.8%, to $45.96 bbl

Both benchmarks are down more than 35% from their recent peaks in early October.

The price dive has caused US Shale Oil producers to curtail drilling plans for next year.

The boom in US Shale Oil output has boosted the country into the Top producer spot over traditional suppliers Saudi Arabia and Russia. The industry is at the center of US President Donald Trump’s calls to boost the country’s energy independence.

Equities: Stock markets in Asia were moderately higher Monday, though trading was limited because of the Christmas holiday on 25 December.

Currencies: The flight to safe havens was again boosting the Japanese Yen, with USD near a 3-month trough at 111.02 JPY Monday.

It fared better on the Euro, which was undermined by a run of poor data out of Europe. The single currency hovered at $1.1376 Eafter being as high as $1.1485 last week.

Vs a basket of peer currencies, .DXY was a shade softer at 96.83.

Commodities: Energy, Metals, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »46.05 USD+0.46+1.00%Jan 1912:32AM EST
ICE Brent Crude »54.45 USD+0.63+1.16%Dec 187:00PM EST
NYMEX RBOB Gasoline »1.33 USD+0.01+0.54%Dec 1812:10AM EST
Dubai Crude Spot »52.37 USD+0.29+0.55%Dec 0212:41AM EST
ICE Gas Oil »518.50 USD+3.25+0.63%Jan 197:00PM EST
NYMEX No2 Heating Oil »1.75 USD+0.02+0.99%Dec 1812:22AM EST
NYMEX Nat Gas »3.78 USD-0.04-1.06%Dec 1812:31AM EST
ICE NBP Nat Gas »69.05 GBP+0.000.00%Dec 187:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,262.61USD+6.69+0.53%Dec 027:00PM EST
COMEX 100oz Gold »1,260.30USD+6.50+0.52%Dec 187:05PM EST
Silver Spot »14.71USD+0.11+0.77%Dec 027:00PM EST
Platinum Spot »789.70USD+2.80+0.35%Dec 027:00PM EST
Palladium Spot »1,230.49USD-1.01-0.08%Dec 027:00PM EST
COMEX Copper »2.68USD+0.000.00%Dec 184:45PM EST

US financial markets are open 1/2 day Monday, closed Tuesday for Christmas, reopen Wednesday for regular hours through Friday.

Have a Happy Christmas


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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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