Gold prices dipped mildly in Asia on Friday as investors looked for shifts in the outlook for Asian economies after China's surprise devaluations this week. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded down 0.14% to $1,114.00 a troy ounce. During a press conference in Beijing, PBOC deputy governor Yi Gang said the central bank is hoping to accelerate foreign exchange market development by improving its yuan pricing mechanism both offshore and on the China mainland. 


LME copper did not show significant changes Thursday as market players were cautious following yuan’s devaluation, and closed at USD 5,177/mt, edging down USD 8/mt. The People’s Bank of China said Thursday that there is no basis for persistent and substantial devaluation and that it is taking measures to cushion any impact from a weaker Chinese yuan. In the US, the retail sales and initial jobless claims were reported positive, and the US dollar index held up. SHFE 1510 copper contract may trade at RMB 39,000-39,700/mt on August 14. Spot copper will be quoted at discounts of RMB 20-100/mt to SHFE 1508 copper contract.


Crude oil prices dipped in Asia on Friday as investors looked ahead to U.S. rig count data as a supply potential gauge. On the New York Mercantile Exchange, WTI crude for September delivery eased 0.36% to $42.08 a barrel. Overnight, U.S. crude futures fell to fresh six-year lows on Thursday amid a stronger dollar, as energy traders continued to unload long positions upon concerns of a glut of oversupply on global markets. Saudi Arabian production fell mildly in July, overall OPEC output increased by 100,000 bpd to 31.5 million bpd as Iraq, Iran, Angola and the UAE all reported monthly gains.