- Gold prices pushed higher for the second straight session on Thursday, as market players sought refuge amid steep declines in global stock markets.Global stock markets plunged as Brent oil prices fell to fresh 12-year lows, adding to fears over the outlook for global growth.Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $5.10, or 0.47%, to trade at $1,092.20 a troy ounce by 09:55GMT, or 4:55AM ET.
- Brent oil futures fell further below the $30-level to hit a fresh 12-year low on Thursday, amid ongoing concerns over a global supply glut.Oversupply issue will be exacerbated further once Iran returns to the global oil market after western-imposed sanctions are lifted. Analysts say the country could quickly ramp up production by around 500,000 barrels, adding to the glut of oil that has sent prices tumbling.
- Natural gas futures ended lower in the domestic market on Wednesday as market participants turned cautious ahead of the weekly US storage numbers due on Thursday which may signal the strength of the demand for the fuel in the world’s biggest fuel consuming nation.The EIA may show a dip of 170 billion cubic feet in US gas supplies in the week ended January 8 2016 after a 113 billion cubic feet withdrawal in the prior week and a five-year average decline of 178 billion cubic feet.
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