Bullion
Gold
Spot gold prices gained by 0.89 percent to $1209.2/oz on Wednesday boosted by firmer oil prices that prompted investors to shuffle positions while largely shrugging off the firm U.S. dollar.
Silver
Spot silver prices declined by 0.2 percent to $16.4/oz in contrary to the gains in gold prices. Strength in the dollar index coupled with decline in copper prices also acted as a negative factor.
Energy
Crude Oil
Brent crude oil futures price declined by 0.9 percent while NYMEX WTI oil prices rose by 0.7 percent on Wednesday after data showed a surprise tumble in inventories, but a report suggesting Saudi Arabia expected still lower prices for oil sent Brent below $70 a barrel. The spread between Brent and U.S. crude, narrowed to below $3 a barrel, its lowest in 1-1/2 months.
Natural gas
U.S. natural gas futures slid nearly 2 percent on Wednesday, its fourth straight losing session, on forecasts for continued warmer-than-normal weather over the next two weeks. Meanwhile, the natural gas inventory report due tonight by the EIA is expected to show a withdrawal of 41 bcf billion cubic feet of gas from storage last week.
Base Metals
The base metals pack traded on a mixed note in yesterday’s session on the back of unfavorable employment figures from the US economy acting as a negative factor. Further, strength in the DX exerted downside pressure on the prices.
Copper
LME Copper prices plunged around 0.6 percent yesterday on the back of unfavorable non-farm employment figures from the US hinting towards slow growth in world’s largest economy. Further, strength in the DX exerted downside pressure on the prices.
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