(raw materials / closing price /% change)

Oil 58.94 -3.27%

Gold 1,183.70 +0.13%

Oil prices declined on profit taking and a stronger U.S. dollar. The U.S. dollar traded mixed against the most major currencies after the number of initial jobless claims. The number of initial jobless claims in the week ending May 02 in the U.S. climbed by 3,000 to 265,000 from 262,000 in the previous week, beating expectations for a rise by 18,000.

Initial jobless claims remained below 300,000 the ninth straight week. That could be interpreted as the strengthening of the labour market.

Comments by Iranian Oil Minister Bijan Zangeneh also weighed on oil prices. He said at a news conference in Tehran today that Iran could increase its oil production to four million barrels a day in less than a year.

Investors are awaiting the release of the number of oil rigs in the U.S.

WTI crude oil for June delivery fell to $59.48 a barrel on the New York Mercantile Exchange. Brent crude oil for June declined to $66.38 a barrel on ICE Futures Europe.

Gold price traded lower on a stronger greenback, higher government bonds yields and the uncertainty around the first interest rate hike by the Fed.

Today's number of initial jobless claims also weighed on gold price. The number of initial jobless claims in the week ending May 02 in the U.S. climbed by 3,000 to 265,000 from 262,000 in the previous week, beating expectations for a rise by 18,000.

Initial jobless claims remained below 300,000 the ninth straight week. That could be interpreted as the strengthening of the labour market.

Investors are awaiting the release of the labour market data on Friday. Analysts expect that U.S. unemployment rate is expected to decline to 5.4% in April from 5.5% in March. The U.S. economy is expected to add 224,000 jobs in April, after adding 126,000 jobs in March.

June futures for gold on the COMEX today decreased to 1182.20 dollars per ounce.

The International Monetary Fund (IMF) expects the Asia-Pacific region to expand at 5.6% year-over-year in 2015 and 5.5% in 2016. But the region faces risks like rising debts, a stronger dollar and weaker-than-expected performances from China and Japan, the IMF noted.

On the other side, low commodity prices, strong labour markets and recoveries in the U.S. and Europe will support the region, the IMF added.