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Dec 22, 2012
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Sheen’s off gold, but copper conducts just fine
Crude oil and gold tumbled on Friday, tracking a broader fall in equities, as a fresh setback in talks to find a solution to the US Budget crisis and dismal data about the struggling eurozone prompted investors to retreat from risky assets. Gold stayed just shy of a four-month low and brent crude dropped by more than $1 a barrel intraday. However, copper recovered some gains after hitting a three-week low in the previous session and soyabean rose on technical buying. A proposal from a Republican leader to extract concessions from US President Barack Obama to head off the fiscal cliff — $600 billion in tax hikes and spending cuts starting January—failed to gather support from his own party on Thursday. This led to uncertainties about possible action by the US to prevent its economy from slipping back into recession, and also jeopardised any raw material demand prospects.
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http://www.financialexpress.com
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