Oil prices fell to their lowest level in the last seven weeks of trading amid API reports and rising US oil inventories and concerns over the spread of the deadly strain of coronavirus.
On Thursday, gold price remains stable due to the growing concerns about the spread of the deadly strain of coronavirus.
Oil prices continue to decline amid IEA claims of market imbalance in favor of oversupply.
Gold has declined by 0.4% on Wednesday due to recovery in Asian indices and a stronger USD.
Oil prices are in decline despite reports of energy production problems in Iraq and Libya.
Gold price increased by 0.4% on Tuesday amid a sharp decline in risk sentiment in the market.
The oil market is within an upward trend on Monday due to the news from Libya. Libyan State Oil Company "National Oil Corp." reported the day before that the army of General Khalifa Haftar had blocked the main pipeline.
Gold maintains a moderately upward-oriented movement vector, as investors doubt the potential success of the interim trade agreement between the United States and China, and fear a trade conflict in the future.
According to analysts at FortFS, despite the Fed’s pigeon rhetorics, USD will still look attractive in 2020.
The United States and China have signed the long-awaited interim foreign trade agreement
