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Gold on Wednesday flirted with putting an end to its five-session losing streak, but prices couldn’t shake the lowly levels not seen in four years.
Gold for December delivery GCZ4, -0.47% was up 60 cents at $1,168.40 an ounce, while December silver SIZ4, -0.74% added 4 cents to $16.00 an ounce.
A day earlier, gold had remained stuck in its rut, moving slightly lower as investors continued to digest Japan’s surprise stimulus and the boost it gave the U.S. dollar.
Asian markets retreated Wednesday, with Tokyo suffering its first sell-off after rallying 10 per cent in four days while the dollar managed to maintain its seven-year highs against the yen.
The lead from Wall Street was neutral following a disappointing batch of economic indicators, while the euro edged up despite news that the European Commission had slashed its growth outlook for this year.
Tokyo slipped 0.27 per cent after four days of advances that were bolstered by Friday's shock announcement from the Bank of Japan that it would widen its monetary easing programme.
MALAYSIA share prices opened lower on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 2.69 points to 1844.75.
Volume was 58.08 million lots worth RM20.25 million.
Gainers outnumbered losers 87 to 65.
Nymex reformulated gasoline blendstock for December RBZ4, -1.09% -- the benchmark gasoline contract--fell 3 cents, or 1.4%, to $2.088 a gallon, while December diesel traded at $2.4853, 46 points lower.
ICE gasoil for November changed hands at $741.00 a metric ton, down $5.50 from Monday’s settlement.
Crude-oil prices extended losses Tuesday after falling sharply overnight, with the U.S. oil benchmark dropping to its lowest since June 2012.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ4, -1.52% traded at $77.42 a barrel, down $1.36, or 1.7%, in the Globex electronic session. December Brent crude LCOZ4, -1.45% on London’s ICE Futures exchange fell $1.51, or 1.8%, to $83.28 a barrel.
