Gold settles back above $1,200 an ounce

Gold prices turned higher on Tuesday to top $1,200 before the final trading day of the year, more than reversing Monday’s losses.

Gold for February delivery GCG5, +0.11%  advanced $18.50, or 1.6%, to settle at $1,200.40 an ounce, after touching a high on the session of $1,210.90 an ounce.

Oil prices settle higher ahead of fresh supply data

Crude-oil futures bounced back Tuesday ahead of the release of weekly U.S. oil inventory data, after hitting fresh multi-year lows on oversupply concerns.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG5, -1.11%  settled up 51 cents, or 1%, at $54.12 a barrel, snapping a three-session losing streak.

February Brent crude on London’s ICE Futures exchange LCOG5, -1.17% rose 2 cents to $57.90 a barrel.

Current Market Update

Here are the latest trading levels for Asia's major stock markets: 

Tokyo (Nikkei Average) closed for holiday 

 Hong Kong (Hang Seng Index) up 0.4% (closed) 

 Shanghai (Shanghai Composite Index) up 0.7% (at break) 

 Sydney (S&P/ASX 200) down 0.1% (closed) 

 Seoul (Kospi) closed for holiday 

Mumbai (Sensex) up 0.2% 

 Taipei (Taiex) down 0.1%

Asian Market Update

Asian markets were set for a cautious close to 2014 on Wednesday as worries about Greece's future in the euro zone served as an excuse to take profits on popular trades.

The US dollar also ran into selling on its recent gains, while the euro got no respite as a host of European bonds yields fell to all-time lows after a shockingly sharp fall in Spanish inflation.

Trade was thinned by holidays in Japan, Thailand, South Korea and the Philippines, while many markets in Europe are either shut or finish early on Wednesday.

Among the scraps of data and indicators due in Asia is a final measure of December Chinese manufacturing activity from HSBC, though it is unlikely to cause a fuss unless wildly out of line with the preliminary reading of 49.5.

KLSE Malaysia Opening Market Update

MALAYSIA share prices opened lower on Wednesday with the FBMKLCI down 6.16 points to 1759.76.

Volume was 17.5 million lots valued at RM$7.5 million.

Gainers outnumbered losers 50 to 45.