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 struggles ahead of American supply update
On Wednesday, crude prices decreased in European trade because market participants looked ahead to weekly data from America on stockpiles of crude as well as refined products later in the global day.
August delivery West Texas Intermediate crude futures hit $43.91 a barrel, sliding 0.7%.
September delivery Brent crude futures lost 0.5%, being worth $46.69 a barrel, having hit a more than one-week peak of $47.30 in the previous session.
On Wednesday, crude prices posted decent revenues, with the commodity logging its fourth lucky session in a row.
The American Energy Information Administration is about to issue its official weekly crude supplies report soon.
The surge in American drilling activity as well as shale output has mostly compensated efforts by OPEC and also other producers to tame output in a move to stabilize the market.
The previous month OPEC along with some non-OPEC producers extended a deal to reduce 1.8 million barrels per day until March 2018.
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
