The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold hits fresh one-month peaks on softer greenback
On Friday, gold moderately ascended for the seventh straight session, hitting a fresh one-month maximum of $1296.
In the pre-holiday thin trade, persistent selling pressure around the greenback kept pushing prices for gold to its highest value since late November. Gold also derived benefits from some follow-through technical buying, in particular after closing above 100-day SMA on Wednesday.
The recent dive in the American Treasury bond yields gave support to the non-yielding commodity. Aside from that, recovering safe-haven buying, underpinned by global political uncertainties, also backed the precious metal's recent upsurge.
So far this week gold has rallied 1.5%, and for the year it has risen more than 12%.
In absence of any key market moving economic reports, gold is still on track for the third consecutive week of profits because market participants would prefer to stay passive until the resumption of regular trading after the New Year holiday.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
On Tuesday, crypto assets dived, with Bitcoin decreasing below the psychologically crucial $5,000 mark for the first time this year…
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.