The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold prices go down from 1-month maximum as risk sentiment gets back
On Tuesday, the yellow metal rebounded from a one-month maximum, breaking a three-day winning marathon due to the fact that risk aversion receded in financial markets.
On the Comex exchange, June delivery gold futures headed south by approximately 0.4% concluding the trading session at $1,323.55 a troy ounce, rebounding from what a day earlier had been its highest outcome since February 28.
Eventually, panic over the inversion of the bond yield curve in America that provoked a tumble in equities last Friday and resulted in purchasing of haven assets receded due to the fact that policymakers along with analysts had the temporary nature of the event downplayed.
The vast majority of experts are assured that the inversion should last a significant amount of time, even a quarter, and only in this case it could indicate a downtime, as some financial analysts pointed out.
On Monday, Chicago Fed chief Charles Evans told that he’s still assured that everything will be OK with the US economy. The statesman added that the yield inversion was probably flatter than normal because of lower trend surge as well as lower interest rates.
Now let’s have a closer look at other metals. As a matter of fact, silver futures headed south by about 0.5% ending up with $15.492 a troy ounce.
As for palladium futures, they went down by about 1.5% demonstrating an outcome of $1,520.90 an ounce. Besides this, platinum declined by almost 0.1% being worth $862.30.
As for base metal commodities, copper managed to tack on by approximately 0.1% trading at $2.859 a pound.
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.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.