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Unemployment benefits climbed to 439,000 last week – the highest it has been in 18 months. Weekly applications increased by 78,000 mostly because a large number of applications were filed in states damaged by the storm. The four-week average of applications, a less volatile number, increased to 383,750.The Federal Reserve Bank of Philadelphia’s general economic index decreased to minus 10.7 in November from 5.7 a month earlier. A reading of zero is the dividing line between expansion and contraction.Conditions for New York manufacturers declined at a modest pace in the month of November. The general business conditions index remaining negative for the fourth consecutive month.

Gold traded flat on Friday, on course for a weekly loss of nearly 1 percent as festering uncertainty on the outlook for the global economy dragged on prices. The CME Group cut initial margins on COMEX gold futures by 18.5 percent to $7,425 per contract, but left maintenance margins for the metal unchanged. SPDR Gold Trust the world's biggest gold-backed exchangetraded fund, remained unchanged at 1339 tons on Wednesday. Outlook: Gold is expected to trade with negative bias on account of strengthening US dollar index.

Silver was steady on Friday after declining yesterday on looming fiscal cliff concerns. Euro zone entered into recession after they reported de growth of 0.1%. However no cues regarding when Spain would ask for bailout and uncertanity of bailout package for Greece. Rising US dollar index also pressurized the silver prices. Ishres silver trust, the world’s largest silver backed ETF holdings remained unchanged at 9985. Outlook : Silver prices are expected to trade with negative bias and later take cues from Euro zone and US economic data.

Brent futures held around $108 a barrel on Friday, as uncertainties surrounding the global economic outlook weighed on prices, while a showdown between Israel and the Palestinians stoked worries about supply. Crude stockpiles in the world's largest consumer rose nearly 1.1 million barrels in the week to Nov. 9, below estimates for a build of 1.9 million barrels. Overall U.S. distillate stockpiles fell by 2.54 million barrels, compared with forecasts for a 1.3 million barrel drawdown. Outlook: Crude is expected to expected to trade with positive bias and later on take cues from Geopolitical tensions and developments from Israel.

Copper steadied on Thursday, helped by signs that a slide in China's economic growth may have halted, but held back by concerns about a recession in the euro zone and the US fiscal cliff of spending cuts and tax increases. Three-month copper on the London Metal Exchange closed virtually unchanged, down 50 cents to $7,639.50 a tonne, after earlier touching an intraday low of $7,606. OUTLOOK: Copper is expected to trade with negative bias on account of negative global cues and later take cues from US developments on Fiscal cliff.