Gold Rise While Oil And Dollar Fell On Thursday

Following the news of an unprecedented spike in U.S. crude inventories last week (up 4.3 million barrels), oil prices ended in dispersed order. On Nymex, the December contract for U.S. light crude (WTI) dropped 0.8 percent to $41.12, and the January delivery Brent contract rose 0.6 percent to $44.05. However since the beginning of the week the two oil varieties have increased by more than 10 percent and by almost 20 percent since the end of October in the expectation of a further economic recovery in 2021 and of an extension by the OPEC+ group of the output control agreement.


The 2021 Backdoor Crypto Portfolio (free)

Even if you’re not actively in crypto, you deserve to know what’s actually going on...

Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public “crypto stocks” are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing.

Click here to get the full story… along with our long list of backdoor Bitcoin strategies. It’s free.

Sponsored


On Thursday, Gold returned from the front, after suffering clearances since the beginning of the week especially on Monday when it dropped -5 percent and remained victim of the return of risk appetite. Investors have however, taken advantage of the recent decline to return to this safe haven. For the Comex December futures contract on Thursday, gold gained 0.6 percent to $1,873.30.

Bonds rebounded Thursday in the U.S. government bond market, sending lower returns. The 10-year yield of the T-Bond fell 8 basis points to 0.90%. On Tuesday, the rate had approached the symbolic threshold of 1 percent, backed by expectations of a Covid vaccine that would accelerate the economic recovery.

According to the dollar index, which tests its evolution against a basket of 6 currencies (euro, sterling pound, yen, Swiss franc, Canadian dollar and Swedish krona), the dollar gave up some ground on Thursday to 92.97 points (-0.08 percent).

In addition, over a month in the United States, the consumer price index was steady in October against a market expectation of 0.2 percent. Also the CPI for non-food and energy is unchanged from the previous month. Year-on-year the CPI rose by 1.2 percent relative to October 2019 (up 1.6 percent except food and energy).

Most Popular

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Related Posts

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

We do not sell or share your information with anyone.