The price of gold falls, oil becomes more expensive due to the OPEC agreement
The price of precious metals drop as early in the week there is no demand for a safe haven. On Monday, gold is trading at a price of $ 1291,30 per ounce, down 0.07% on the day, while futures on gold in U.S. GCcv1 traded at a price of $ 1294,50 per ounce, down 0.30% for the day. Meanwhile, silver is trading at 15.12 ounce, down 0.09% on the day.
All major stocks and indexes of key stock exchanges in Asia are trading in positive territory since the beginning of the trading week. The major currency pairs in the Forex market is also showing positive price dynamics. This is a clear indication that risk appetite increases. However, the decline in the prices of gold and silver was limited, as the risk of trading activity in the Forex market led to the decline of the dollar on the world market. A weak dollar is always positive for precious metals, denominated in dollars.
Shopping optimism in China and the U.S. underpins the growth of prices for crude oil Optimistic data on manufacturing PMI in China and optimism over trade talks between the United States and the United States are the main driving force behind today’s risk sentiment of investors. After last week’s trade talks between representatives of the two countries, Vice-Premier of China, Liu has to go to Washington this week for further trade negotiations at a high level.
Since the meeting of the presidents of both countries at the end of March at the conclusion of the trade deal has been postponed to early April, traders are waiting for news about the upcoming trade negotiations that will determine whether another meeting of both presidents for the signing of trade deals later this year. Crude oil is trading positively, supported risk sentiment of investors. Us crude is trading positively for the fourth consecutive session.
Oil is rising due to the OPEC agreement on compulsory reduction of supplies and optimism over trade deals between China and the United States, which, if successful, can increase the volume of import of crude oil from the US to China. If a positive multiple factors, U.S. oil is trading at $ 60,65 bbl, up 0.80% for the day.
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