Oil Prices Fall, Gold Eases Following Chinese Rate Cut
ICM Brokers | May 11, 2015 03:42AM ET
CL
Crude oil prices fell in early Asia on Monday as China's central bank moved at the weekend to spur growth through another rate cut. Crude oil fell 0.20% to $59.27 a barrel. On Sunday, the People's Bank of China cut its benchmark interest rate by a quarter percentage point to 5.10% from 5.35%, in order to spur economic activity and boost growth.
GOLD
Gold prices rose on Friday, as traders readjusted their expectations on how soon the Federal Reserve might raise U.S. interest rates following the release of slightly weaker than expected data on nonfarm payrolls. The U.S. dollar initially rallied against a basket of major currencies following the data, before giving back some gains, as traders focused on the negative details of the jobs report. Gold prices eased in Asia on Monday following a weekend rate cut by China's central bank.
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