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Gold prices on Tuesday morning fell in Asian markets, surrendering gains from the previous session.
The decline comes after WTI Futures plunged into negative pricing just before the contract’s Tuesday expiry.
Gold futures had previously gained nearly 1% following the record slump in oil prices but later fell by 0.32% to $1,705.70 per ounce at 11:49 PM ET (4:47 AM GMT). Wall Street shares and Asian stocks also fell after the news as investors flocked to the safe-haven commodity.
In a Reuter’s poll on Monday, some predicted that the increasing demand for the yellow metal could be offset by a strengthening Dollar despite the two often moving in opposite directions.
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Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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