Commodities Extend Decline ahead of US Data
BonTradeCommodity prices decline across the board as fears about global economic slowdown prompt selling. Decline in crude oil accelerates as driven by weakness in stock markets. The front-month WTI contract plummeted to as low as 72.02 amid speculations of weak US housing data and huge oil supplies. Gold also weakens and the benchmark contract drops below 1220. Despite the pullback, we remain bullish towards gold’s long-term outlook as high deficits, low bond yields and loss of confidence towards fiat currencies should drive investors to the yellow metal.
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Commodities Extend Decline ahead of US Data
