Gold prices traded sideways on Wednesday. Spot gold was at $1,203.70 a troy ounce in morning European trade.

The U.S. labour market data on Friday might provide the further direction of gold price.

The Reserve Bank of India's cut of its interest rate supported gold price on Wednesday. The central bank lowered its lending rate to commercial banks by 25 basis points to 7.5%. That was the second cut this year.

Bloomberg

Saudis Boost Oil Pricing to Asia Most in Three Years

Saudi Arabia, the world's largest crude exporter, increased the pricing terms for Arab Light sold to Asia by the most in three years as demand improved. Abu Dhabi raised its export prices for the first time since June.

Source: http://www.bloomberg.com/news/articles/2015-03-03/saudis-increase-oil-price-to-asia-most-in-3-years-on-demand

RTTNews

Asian Stocks Follow Wall Street Lower

Asian stocks followed Wall Street lower on Wednesday as caution set in ahead of a European Central Bank meeting on Thursday and the all-important U.S. jobs report due out Friday, which could provide some clues about the timing of the Federal Reserve's interest rate hike this year.

Source: http://www.rttnews.com/2465686/asian-stocks-follow-wall-street-lower.aspx

(raw materials / closing price /% change)

Oil 50.52 +1.88%

Gold 1,203.50 -0.07%