Oil rose nearly $1 a barrel, carrying forward the previous session's gains after US manufacturing data boosted optimism that the world's largest economy is on the way to recovery. Earlier in the day, US crude for March delivery hit $75.44 a barrel, up $1.01, before retreating to current level of $75.15. Oil advanced the most in four weeks yesterday after the Institute for Supply Management's factory index rose to a higher-than-anticipated 58.4 from December's 54.9.
Gold prices surged towards $1,113 per ounce after posting their biggest daily gain in three months in the previous session. Spot gold surged 1% to $1,113.35 per ounce compared to New York's notional close of $1,105.30. US gold futures for April delivery were $11 stronger at $1,115.90 an ounce on the COMEX division of NYMEX.
Copper came off 11-week low. Shanghai copper seen trading sharply higher on Tuesday, after a late turnaround in London copper on firm US manufacturing data that saw the metal end up 0.7%.
Source & Full Article BloombergUTV
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