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Commodities: UBS raises its gold forecasts

Commodities remained in a holding pattern on Thursday ahead of a raft of economic data due out on Thursday, alongside a smattering of Fed speakers and, of course, the release of the minutes of the FOMC’s last policy meeting, which were due out in the evening.

West Texas crude futures were up by 17 cents to the $103.31/barrel level on the NYMEX.

Three month LME copper futures slipped a tad, by 0.19% towards $7,181/metric tonne.

April gold futures edged higher by $1.60 to the $1,320.40/oz. mark on COMEX.

There are quite a few analysts who expect the rally in the yellow metal to peter out in due course.

However, UBS increased its one-month forecast to $1,280 an ounce from $1,180, while the three-month outlook was increased to $1,350 from $1,100.

Corn futures advanced by $4.2 to the $453.6/bushel level out on the Chicago Board of Trade (CBoT).

Wheat futures gained by $8.2 to 620.2 dollars to reach $620.2/bushel on the CBoT.

AB

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