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Bullion tips & updates : Gold futures closed lower in the native market on yesterday as investors and speculators quit their positions in the precious metal as Fed Chair Janet Yellen's remarks overnight in which she signaled that a December interest rate hike was a "live possibility" weighed on the yellow metal which becomes less attractive in a rising interest rate scenario.

On February 25th, gold prices started a new week of trading by posting moderate gains. The precious metal continues to hover just shy of $1,600 per ounce, as investors remain cautious ahead of the Fed Chairman Ben Bernanke's testimony to Congress later this week.

The gold price held level in overseas markets on February 18th following the biggest weekly drop for the precious metal last week.

Gold prices fell into turmoil after the Federal Reserve announced it might be slowing the pace of its quantitative easing. Prices tumbled and broke below the support level, which was formed after gold's previous decline in mid-April to around $1,350. Since the beginning of the year, gold prices have been in a continuous decline and have plummeted from trading at about $1,650 an ounce to below $1,300-a drop of more than 21%.

Gold in the international market edged-up on Wednesday amid strong Chinese demand. However, outflows from ETFs capped gains in the precious metal. Also, physical demand for the yellow metal has picked up in Asia since gold's biggest daily plunge in 30 years in April.

Commodities prices have come down across the board: precious metals like gold and silver have been trending downward, copper prices are edging lower, and agricultural products like corn and soybeans are outright facing selling pressures.

SINGAPORE: Gold slipped more than 1 percent on Friday, heading for its biggest weekly drop since March 2009, as stock markets gained and the euro rose after major central banks around the world strived to fight the debt crisis in Europe.

SINGAPORE: Oil was headed for a weekly gain on Friday after central banks launched coordinated action to boost European bank funding, easing concern about falling oil demand from industrialised consumers.

NEW YORK: Global equities rose for a fourth straight day on Friday, but the euro slid as hope Europe was finally getting a grip on the region's debt crisis was offset by lingering fears Greece is still at risk of default.

SINGAPORE: Brent crude stayed firm above $105.50, boosted by Europe's move to shore up ailing banks and expectations that the U.S. economy may not be sliding into recession

International Commodities Rates