The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold reaches fresh 4-week maximums on USD selling
On Wednesday, gold futures on Comex managed to extend its winning marathon into a fifth day. It’s because broad-based USD sell-off gathers tempo amid quite thin trading conditions.
Gold reversed more-than 75% of the latest sag to five-month minimums of $ 1238 levels because the bulls do their best to get back to the $ 1300 level, with a generalized selling in the US currency providing the much-needed impetus to gold.
Heading into the New Year, financial markets look for safety in gold because EU political instability, North Korean nuke threats and Fed rate lift hopes are still the major risks going forward.
Furthermore, the everlasting strength in gold prices can be also explained by repositioning ahead of the yearly close – financial markets took profits off the table after the recent tumble to multi-month minimums.
Market experts told that February delivery gold futures have soared almost $50 since December 12, when they leapt to 1237.40 correction objective.
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.