Price History for Gold and Oil, Unexpected Falls

Price history of both gold and oil surprisingly drops.

Price History of Gold

In the report of Angel Commodities last Wednesday, spot gold prices dropped lightly by 0.19 percent to end at $1273.7 per ounce. Concerns on global slowdown have stopped due to stronger economic data of China. These concerns heightened the demand for riskier assets, pressuring gold. China’s economy grew beyond the expectation of 6.3 percent. It developed at a steady rate of 6.4 percent. Similarly, U.S. economic data also strengthened which will eventually improve the U.S. dollar. Another reason for the cut in gold prices. Stronger U.S. economic data soothed some concerns in the world’s largest economy.

Looking at MCX, gold prices sank by 0.22 percent to close Rs. 31850 today.

Gold prices may continue to decline due to the booming of the U.S. and China’s economic data. The robust in the two countries might raise the interest in riskier assets.

Price History of Oil

Thursday– Although the U.S. inventories dropped, oil prices continued to fall. The international benchmark Brent withdraws to its five-month high during the previous session.

From their earlier settlement, U.S. West Texas Intermediate (WTI) crude futures were at $63.67 per barrel. It fell 9 cents or 0.1 percent. In the last session, WTI closed with a 0.5 percent fall.

After Brent reached its highest, $72.27 a barrel, it slipped 0.1 percent on Wednesday. Brent crude futures down 11 cents or 0.2 percent from their last close.  It is now at $71.51 a barrel at 0056 GMT.

In a research note of ANZ bank, “Prices are soft despite a surprise drawdown in U.S. inventories.”

In the week to April 12, U.S. crude inventories dropped by 1.4 million barrels, while analyst expected crude to touch 1.7 million barrels.

The barrels per day (bpd) of net U.S. crude imports declined to 659,000 last week.