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MTECHTIPS:-NYMEX crude eases slightly in Asia with U.S. rig count data ahead
Friday, January 15, 2016 6:50
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(Before It's News)
MTECHTIPS:-Gold regains ground but upside seen limited
Gold prices regained ground in European morning hours on Friday, easing off a one-week low but gains were expected to remain limited by strength in the U.S. dollar. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.88% at $1,083.00. The February contract ended Thursday’s session 1.24% lower at $1,073.60 an ounce. Futures were likely to find support at $1,063.20, the low of January 4 and resistance at $1,091.50, Thursday’s high. Markets were jittery after Brent crude, the global benchmark, fell below the $30 per barrel threshold for the first time since 2004 on Thursday, pressured lower by a global supply glut and fears of a slowdown in China. Oil remained under pressure on Friday and were hovering at $30.33 a barrel in early European trade. Gold is up more than 2% since the start of the year as safe-haven demand has been boosted amid a global stock market rout, worries over the Chinese economy and heightened geopolitical tensions.
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