Investors took profits after the post-payrolls rally last week. Renewed worries about the stability of the European banking system shook confidence and triggered selloffs in stocks, currencies and commodities with gold as an exception. WTI crude oil price initially plunged to as low as 72.63 but news about refinery explosion in Mexico helped pare losses. The front-month contract ended the day at 74.09, down -0.68% from Friday’s close. Gold glittered with the benchmark contract jumping to 1261.6, just 4.9 below the record high of 1266.5 made in June, before settling at 1259.3, up +0.66%. The yellow metal usually outperforms when economic outlook is uncertain and sovereign/ banking risk heightened.
See original here:
Gold Near Record High amid European Banking Concerns
Leave a Reply
You must be logged in to post a comment.