Japan tsunami scales up gold, hit oil - Tokyo Commodity Exchange

Japan tsunami scales up gold, hit oil - Tokyo Commodity Exchange : The massive tsunami following a powerful earthquake in Japan also had its impact on global commodity markets as all major commodities, including gold and oil, took initial impacts. Oil prices dropped in late Asian trade Friday immediately after the news broke out .

Light sweet crude for April delivery dropped as low as $101 a barrel in Singapore while in London Brent crude dipped towards $114 a barrel on the ICE futures exchange.

Analysts said Japan’s currency yen suffered along with most major equities in Asia following the impact which inturn hit oil prices.

They however added that geo-political tensions on the other side of the globe continued to support the black gold and any major incident in Saudi Arabia could support oil prices again.

Gold prices however took advantage of the devastating earthquake and tsunami as gold futures on the Tokyo Commodity Exchange climbed up.

Analysts said the bullion is likely to extend gains as traders may start buying the commodity as a safe haven asset.

US gold futures for April edged up towards $1,417 after Japan news. The Bullion also benefitted from Middle East and Nortrh Africa unrests and also on reignited worries about euro zone sovereign debt.

Meanwhile, rubber prices on TOCOM remained unaffected after Tokyo Commodity Exchange says rubber warehouses remained unaffected from the quake and tsunami. For the latest updates PRESS CTR + D or visit Stock Market news Today

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