- Gold bounced on Friday off near six-year lows, erasing severe losses from a massive sell-off from the previous session as investors continued to digest the Federal Reserve’s historic decision to lift interest rates from record-lows earlier in the week. On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a broad range between $1,050.30 and $1,070.60 an ounce before settling at $1,065.00, up 15.40 or 1.47% on the session. A session earlier, gold futures slid by $25 an ounce in one of their worst sessions of the year, retreating back toward levels not seen since 2009.
- U.S. crude futures extended losses from the prior two sessions on Friday to slump to fresh seven-year lows, as crashing oil prices showed little signs of stabilizing following a modest increase in domestic oil rigs last week.Energy traders also reacted to news that the U.S. Congress approved a sweeping $1.1 trillion spending bill, which includes the repeal of a four-decade ban on crude exports. The ban had been in place since 1975, when Congress approved the Energy Policy and Conservation Act to boost domestic supply in response to a global oil crisis started that had persisted for two years.
- Copper prices were up 1.49% to Rs 309.10 per kg in futures trading today as speculators raised their bets, tracking a firm trend overseas.Besides, pick-up in demand from consuming industries supported the upside.At the Multi Commodity Exchange, copper for delivery in February month shot up by Rs 4.55, or 1.49% to Rs 309.10 per kg in business turnover of 12,249 lots. Likewise, the metal for delivery in far-month April contracts traded higher by Rs 4.25, or 1.37% to Rs 313.35 per kg in 265 lots.
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