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 markets fluctuate in wake of Hurricane Harvey
On Monday, crude markets fluctuated, with American crude ascending on output shutdowns while international Brent was suppressed by a flight into gold futures, reacting to a mighty North Korean nuclear test explosion.
American gasoline prices rebounded from a spike after the publication of emergency fuel stocks and also on signs that the damage caused by Hurricane Harvey to the Gulf coast energy infrastructure didn’t appear to be as bad as initially anticipated.
American West Texas Intermediate crude futures hit $47.42 barrel, just 13 cents higher their previous settlement.
Market participants told that this price surge was caused by crude output outages provoked by Hurricane Harvey.
Approximately 5.5% of the American Gulf of Mexico's crude output or 96,000 barrels of daily output, were still unavailable on Sunday, as the federal Bureau of Safety and Environmental Enforcement informed.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.