News • Gold prices eased in Asia on Thursday as investors stayed on the sidelines ahead of U.S. November jobs data at the end of the week that will set the tone for the dollar. • Gold prices jumped up on Wednesday after a mixed bag of U.S. economic indicators gave bottom fishers reason to snap up nicely priced positions, though market sentiments remained firm that the Federal Reserve will begin scaling back stimulus programs within the coming months. • Payroll processing firm ADP reported earlier that non-farm private employment rose by a seasonally adjusted 215,000 in November, blowing past expectations for an increase of 173,000. • However, the Bureau of Labor Statistics will release the official November jobs report on Friday, and uncertainty ahead of time kept investors hanging on to gold positions. • Oil prices rose on Wednesday after data revealed that U.S. stockpiles made an unexpected drop last week, while an OPEC decision to leave output levels unchanged supported prices as well. • The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 5.6 million barrels in the week ended Nov. 29, well beyond expectations for a decline of 500,000 barrels. • Natural gas prices held on close to session highs on Wednesday after updated weather forecasting models continued to call for chilly temperatures across much of the U.S., while hopes for a bullish supply report due out Thursday also supported prices. • Total U.S. natural gas storage stood at 3.776 trillion cubic feet as last week, 2.6% below last years unusually high level but 0.5% above the five-year average for this time of year. • Copper futures edged higher on Wednesday, as investors looked ahead to key U.S. economic data later in the day to further gauge the strength of the economy and the need for stimulus.
Posted on: Thu, 05 Dec 2013 03:43:02 +0000
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