Oil is falling and gold is rising as investors are buying the precious metal

Wednesday, November 17, 2021 - 21:01
Point Trader Group
Oil is falling and gold is rising as investors are buying the precious metal

Gold prices rose Wednesday, November 17th, as concerns about inflation prompted investors to buy in the precious metal, unconcerned with the strength of the dollar, which was fueled by bets on early rate hikes from the US Federal Reserve.

And gold rose in immediate transactions by about 1% to $ 1866.90 an ounce, and the yellow metal had fallen in the previous two sessions, after a series of gains that lasted for seven sessions.

And US gold futures rose 0.84% ​​to $ 1869.60 an ounce.

oil moves

Oil prices witnessed sharp declines during Wednesday's trading, as Brent crude futures fell by more than 3% to lose levels of $80 a barrel, and are trading at their lowest level since October 7 last.

US crude futures also fell by more than 3.5%, to trade at levels of $77.8 a barrel.

The reason for the declines is attributed to the decline in US oil stocks in the Strategic Petroleum Reserve, as stocks fell to 3.2 million barrels last week to 606.15 million, the lowest level since June 2003.

Biden's accusations of oil companies

US President Joe Biden said there is mounting evidence of consumer behavior by oil and gas companies.

Biden asked the Federal Trade Commission to make every effort to uncover any information about potential illegal behavior in the market.

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