Gold price ease, sudden gains on US dollar
Gold prices dipped on Monday, giving up early gains as the US dollar rose on expectation that the US Federal Reserve will raise interest rates at its policymaking meeting next week.
The losses, however remained modest amid jitters over the resignation of Italian Prime Minister after he lost the referendum on constitutional reform.
Further the US employment rate fell to a nine-year low of 4.6 percent in November, making it almost certain that Federal Reserve will raise interest rate later this month.
Positive data usually puts pressure on gold prices, because investors raise bets on a US Interest rate hike that would increase the opportunity cost of holding non-yielding bullion.
Crude oil prices drop in Friday’s trade
Crude oil futures closed lower in the domestic market on Friday dropping to within reach of first support. After such a recent gains in crude prices, a correction or probably a consolidation phase can be seen in next few trading session.