What’s Driving Gold and Oil Prices High Today? – United States Brent…

What’s Driving Gold and Oil Prices High Today? – United States Brent…


Gold prices rose on Monday as the dollar edged lower and investors braced for Tuesday’s release of consumer price inflation data, which will pave the way for the Those of the Federal Reserve future monetary policy.

What happened: Spot gold traded 0.36% higher near the $2,023 an ounce level during Monday morning’s Asian trading session, while the dollar index was down 0.11%, making the yellow metal attractive to offshore buyers.

The SPDR Gold Trust GLD and the iShares Gold Trust IAU closed over 1.5% lower on Friday.

Also read: How to invest in oil

Tim WatererChief Market Analyst at KCM tradingtold Reuters that any signs of subdued inflation would weigh on the dollar due to lower interest rate expectations from the central bank, which could signal a higher trend for gold.

In addition, other factors that could impact gold prices include the health of the US banking sector and the debt ceiling crisis. Until either of these persists, gold’s safe haven appeal will continue to attract investor interest, drive up prices.

oil: Strong jobs data released on Friday eased recession fears to some extent, which pushed oil prices higher. West Texas Middle School Futures expiring in June were trading 0.6% higher at $71.76 a barrel Monday morning. WTI prices are still below the highs of above $83 a barrel level reached in mid-April this year. The level has seen a strong resistance this year.

Inflation data releases in the US and China will be closely watched by oil traders this week, along with other economic indicators.

Meanwhile, Brent futures expiring in July 2023 are trading 0.53% higher at $75.72 a barrel at the time of writing. The United States Brent Oil Fund BNO closed 3.99% higher during the Vanguard Energy Index Fund ETF VDE gained 2.81% on Friday.

Tina TengAnalyst at CMC Markets said oil’s rebound follows energy stocks’ comeback on Wall Street on Friday after the US reported strong jobs data that raised concerns about a…


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