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 sags in Asia with markets still backed on demand views
On Thursday, crude went down in Asia, with financial markets still backed by demand and supply fundamentals. Additionally, investors closely watched the US market for new demand cues if the Trump administration passes an ambitious tax cut.
November delivery crude futures sagged 0.36% in New York trading at $51.95 a barrel. At the same time, in London, Brent futures declined 0.42% being worth $57.33 a barrel.
Overnight, the given commodity managed to settle higher because market participants appreciated data demonstrating a sudden draw in American crude supplies suggesting a revival in refinery activity as well as exports following disruptions caused by Hurricane Harvey in August.
Inventories of American crude went down by approximately 1.9m barrels by September 22, confounding hopes for a soar of 3.4m barrels.
As for gasoline inventories, they tacked on by nearly 1.107m barrels.
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
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...
Canadian job data: an attractive release for trading
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.
Deposit with your local payment systems
