While commodities generally recorded gains during the election week, trading was choppy as crude oil prices actually plunged sharply a day after the election as the focus returned to whether the US would be able to overcome the challenge of the fiscal cliff. With election of Barack Obama as the US president, risk of gold's outlook is to the upside as ultra accommodative monetary policy would likely be retained. As the election dust is settled, the sovereign debt crisis in the Eurozone also returned to the centre stage. At the November ECB meeting, President Draghi left the main refinancing rate at 0.75% and the OMT unchanged despite downgrade of the 17-nation region's economic outlook. In Greece, the Parliament passed a new set of austerity measures so as to tap the new tranche of rescue loan worth of 31.5B euro. Yet, the sum might not be arrived on time and the government has to issue short-term debt next week so that it could fulfill the obligation of debt repayment on November 16. The short-term bonds include treasury bills of 2.1B euro maturing in 4 weeks and 13-week bills worth of 1B euro.
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