FXStreet (Mumbai) – Both gold and copper prices kept the overnight recovery mode intact in Asia, after having experienced strong selling on the back of a stronger US dollar.

Copper rebounds from six-year lows

Currently, gold rises 0.33% to 1073.50, recovering from 1068.50 levels reached on Wednesday. While copper prices jump 3.23% to 2.12, retreating from the lowest levels since 2009 posted at $ 2.01/ ounce. Among other base metals, nickel on LME advances 3.19% to 9210. While lead rallies 1.84% to 1643 and zinc rockets 3.56% to 1628.

Gold prices fell sharply lower yesterday after solid US durable goods orders and consumer sentiment data further bolstered Dec Fed rate hike bets, thereby boosting the USD bulls at the expense of the bullion.

While the red metal witnessed heavy selling pressure as a stronger greenback and persisting demand concerns from the world’s top copper consumer, China, dampened investors’ sentiment. Prices for copper are down 28% so far this year.

In the day ahead, there is nothing relevant in terms of economic news to be reported as the US markets enter a Thanksgiving holiday-break until Monday. Hence, the metals will continue to track the USD moves for direction.

Both gold and copper prices kept the overnight recovery mode intact in Asia, after having experienced strong selling on the back of a stronger US dollar.

(Market News Provided by FXstreet)

By FXOpen