Gold prices moved higher on Friday, as sentiment on the U.S. dollar weakened amid fears of an imminent U.S. government shutdown.
Gold Prices Move Higher on Softer Dollar – Gold prices moved higher on Friday, as sentiment on the U.S. dollar weakened amid fears of an imminent U.S. government shutdown. Sentiment on the greenback was vulnerable as U.S. lawmakers were struggling to agree on a federal budget deal on Thursday. The dollar has also been pressured lower recently by concerns the global economic recovery will outpace U.S. growth and prompt other major central banks, including the European Central Bank to begin unwinding loose monetary policy at a faster pace.
Oil prices fall over 1 percent on recovery in U.S. output – Oil prices dropped more than 1 percent on Friday as a bounce-back in U.S. production outweighed ongoing declines in crude inventories. If Friday’s falls last, this week will see the biggest weekly price declines since October. Traders said the lower prices were prompted by a recovery in U.S. oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere. Analysts also pointed to excessive long positions in financial oil markets as a likely brake on any upward momentum in prices, with many traders soon likely to cash in on recent price rises, which have seen crude jump by around 14 percent since early December. Jeffrey Halley, market strategist at futures brokerage Oanda in Singapore, said crude futures had been at “overbought levels for an extended period as record speculative longs built on the futures markets”.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Our Some Best Services Read it Here…