Oil Rose While Gold Dropped On Monday – Invest Chronicle
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Oil Rose While Gold Dropped On Monday

On Monday, oil prices continued to grow at their highest level in almost three months, hoping for a demand rebound in 2021 and an extension of OPEC supply cuts past 31 December. On 30 November and 1 December, the representatives of the OPEC+ will meet.

For the December Nymex contract, the price of U.S. light crude oil (WTI) rose 2.15 percent to $43.06 a barrel on Monday, the highest since August 26. The January distribution Brent contract rose 2.45 percent to $46.06. WTI has peaked at 20.3 percent since the start of November and Brent has recovered almost 23 percent since the beginning of the month.

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With the yellow metal ounce giving up almost -1.86 percent on Monday to $1,837.80 for the December Futures contract on the Comex, Gold continued to suffer from a return to risk appetite. Gold had only dropped by 0.7 percent last week, but since the beginning of 2020, it has gained more than 20 percent.

Yields remain at a 2-week low on the U.S. government bond market, with the yield on the 10-year T-Bond at 0.85 percent (up 2 basis points) from almost 1 percent on November 10, supported by expectations of a Covid vaccine. On Monday, the dollar appreciated by 0.13 percent to 92.51 points on the foreign exchange market for the dollar index, which tests its evolution against a basket of six currencies (euro, sterling pound, yen, Swiss franc, Canadian dollar and Swedish krona). To $1,1843, the euro gave up -0.1 percent.

In November, in line with consensus, the Conference Board’s Leading Indicators Index increased by 0.7 percent in October compared to September. The national activity index of the Chicago Fed was unexpectedly strong at 0.83 in October, compared to a consensus of 0.1 and a revised level of 0.32 for the previous month. Finally, resales of existing homes hit an expected 6.85 million units in October, compared to a sector consensus of 6.47 million units and 6.57 in September.

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