Commodities are putting in a mixed performance in overnight trade. Crude oil and copper prices are showing little directional conviction, mirroring European shares. S&P 500 index futures are accelerating lower, hinting risk aversion is likely to pick up steam.
Spot market prices for gold bullion rose to a two-week high above $1,680 an ounce Tuesday morning in London, before dipping back to just below that level before lunchtime, while stocks and commodities were slightly down on the day and the US dollar ticked higher.
Spot gold traded nearly flat on Monday in Asia and has edged higher as investors nervously await a string of economic data this week to examine if the grand money printing recovery plan is working for the world's top economies.
Metals markets opened mixed this morning as the final session of quite an active week got underway. Spot gold was down less than $2, with a bid at $1,731 and silver was off 13 cents at $32.18 per ounce.
Consumer confidence sentiment is expected to nudge lower in October after hitting a four-month high in the previous month. Markets continue to hope a firmer US recovery will help offset headwinds from a recession in Europe and a slowdown in Asia.
Crude oil and copper prices are on the upswing as risk appetite firms across financial markets following reports that central banks are preparing to step in to stabilize financial markets if the weekend’s much-feared Greek election outcome generates widespread dislocation.