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Gold & Silver Falls, Crude Oil Gains as Week Starts with Optimism

The week started with risk-on market sentiment. The Asian stocks demonstrated a broad-based rally during the Asian trading session on Monday, putting investors in a positive mood and encouraging them to take riskier moves. As a result, riskier assets (such as crude oil) rallied, while safer assets (like gold) declined.

Market analysts believe, though, that the commodities may yet reverse their moves later in the week.

Gold can get support from the outlook for fiscal stimulus in the United States. Such outlook is negative to the US dollar and thus positive for bullion, which often trades inversely to the greenback.

Meanwhile, crude oil is under pressure from a rising supply in the USA. Baker Hughes reported that US oil drillers increased the number of rigs by 2 to 289 last week. The number of gas rigs increased by 3 to 88. It was the ninth consecutive weekly increase, though the total number is still 52% lower compared with the same period of the previous year. Last week’s data from the Energy Information Administration showed an unexpected build of US inventories of crude by 4.4 million barrels.

Futures for delivery of WTI crude oil in March rallied by $0.29 (0.55%) to $52.56 per barrel as of 07:39 GMT on NYMEX today. Contract for Brent crude added $0.31 (0.56%) to its value to trade at $55.72 per barrel on ICE. Natural gas for delivery in February jumped by $0.07 (2.82%) to $2.52 per million British thermal units on NYMEX. At the same time, gold for delivery in April dropped by $6.2 (0.33%) to $1,853.7 per troy ounce on COMEX. March silver was little changed at $25.55 per ounce. Meanwhile, copper advanced by $0.0065 (0.18%) to $3,6325 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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source https://www.earnforex.com/commodities/gold-silver-falls-crude-oil-gains-as-week-starts-with-optimism/