Gold fell below $1,700
Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Crude gains on lower American crude stocks
On Thursday, crude markets ascended, underpinned by a fourth straight weekly decline in American crude inventories, although soaring output capped prices below the 2015 maximums hit earlier this week.
American West Texas Intermediate crude futures hit $56.74 a barrel, gaining 0.25% from their previous settlement.
As for Brent crude futures, this benchmark showed a reading of $62.77 a barrel, adding 0.5% from their previous close.
By December 8 American crude oil stockpiles went down by 5.1 million barrels, which is the fourth consecutive losing week, tumbling to 442.99 million barrels. It’s the lowest outcome since October 2015.
Market participants told that reports that the Organization of the Petroleum Exporting Countries, Russia as well as other non-OPEC producers might be considering output cuts beyond the current timeframe that actually sees curbs until the end of next year also underpinned Brent.
Similar
GOLD: approaching $1,800!
The shining metal breaks above $1,760. How soon the 2012 heights may be beaten?
Gold shines as bright as $3,000
Find out the most bullish forecast for gold!
Latest news
How to trade on July 13?
Risk-on is back on the market. Riskier currencies and stocks are in favor. Gold is rising too as investors try to hedge.
Risk-on is back. Market news and trade ideas on July 9
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Deposit with your local payment systems
