Gold seen as well supported at current levels
Mihir Kapadia, CEO and Founder, Sun Global Investments
Oil prices rose a little this morning in Asia after recent declines which resulted in the lowest close in 3.5 weeks for the WTI at the end of last week. The WTI is up 0.4 per cent at $49.48 but still below the key $ 50 level.
Gold prices rose a little in Asia on renewed tensions over North Korea as Donald Trump hinted at military action. While North Korea has not responded so far and speculation about another missile launch has proved to be untrue, gold is seen well supported at current levels. Gold is 0.3 per cent higher at $1,279.80/troy ounce. Base metals were little changed in Asian trading in line with subdued currency markets. Three-month copper and aluminium were flat while zinc was up 0.3 per cent.