By Ilya Spivak
- Gold prices digesting losses after dropping to five-month low
- Crude oil prices advance on OPEC push for output cut deal
- US retail sales data, Fed-speak may bode ill for commodities
Gold prices consolidated losses after having touched a five-month low in the aftermath of the US presidential election amid speculation that amid speculation that the on-coming policy pivot will boost inflation and encourage Fed tightening. Crude oil prices bounced amid reports that OPEC nations have re-doubled diplomatic efforts to secure a deal on output cut quotas ahead of a formal meeting later this month. The cartel unveiled the outlines of an accord in September but nailing down specifics has proven to be a challenge, as expected.