Commodities Brief – Precious metals edge higher on US data, crude breaks above 91.00
Gold prices have jumped recently at the onset of European trading, after the latest indicator out of the US showed the trade balance shrinking by $-44.45B in January. The yellow metal rallied on this news to settle at USD $1582.23 per oz. Earlier today was dominated by central banks in Europe, however both offered little surprise as the BoE and ECB kept interest rates unchanged (0.5% and 0.75% respectively). Gold continues to search for direction and given its sideways movement ahead of tomorrows Nonfarm Payrolls in the US, this trend seems likely to continue.