Business

Price of Gold vs. Oil Price: Gold Price: Four-Week Low After Sell-off | news

by Jrg Bernhard

Investors have increased their cash by selling gold, also to offset losses in other asset classes such as stocks or cryptocurrencies. However, two other factors have also created a bad mood on the gold markets. First, the dollar index is approaching its highest level in the past two decades, making the precious metal more expensive outside the dollar area. Second, rising US yields weigh on gold’s attractiveness due to associated opportunity costs. Sooner or later, however, the arguments of protection against crises, wealth and inflation are likely to return and help the yellow precious metal gain relative strength or at least relative stability.

On Tuesday morning, the price of gold presented with held prices. At around 8:00 (CEST), the most actively traded gold futures (August) were down 2.50 to $ 1,829.30 per troy ounce.

advertising

l, gold, trade all commodities with leverage (up to 30) (from a minimum of 100)

Take advantage of the price fluctuations of oil, gold and other commodities with attractive leverage and tight spreads! With only 100 euros you can start trading and use leverage, eg. B. benefit from the effect of 3,000 euros of capital.

Plus500: Please note the information5 to this announcement.

Rohl: huge production losses in Libya

So far, the price of oil has coped with growing fears of a recession relatively well. This is mainly due to the continuing shortage of supplies. Due to sanctions, Russia supplies less crude, while many OPEC countries lack their own production quotas, especially Libya. In the North African country plagued by civil war, daily production would have dropped from 1.2 million to just 100,000 barrels. The American Petroleum Institute’s weekly report, scheduled to release at 10:30 pm and could have a significant impact on the course of tomorrow’s trading day, should now attract more attention.

Oil prices were slightly higher on Tuesday morning. At around 8:00 am ET, the later dated WTI future was up 0.48 to $ 121.41, while its Brent counterpart was up 0.52 to $ 122.79.

Financeen.net editorial staff

More news on the price of gold

Image sources: ded pixto / Shutterstock.com, claffra / Shutterstock.com

About the author

hiyabad

Leave a Comment