Gold holds gain over $4,100 as lower oil prices ease inflation woes
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Gold held gains near $4,130 an ounce as inflation worries eased with oil prices.
- ✓Brent fell to $92 a barrel on hopes for a diplomatic resolution in West Asia.
- ✓Nicky Shiels said, “Conviction is low as major allocators sit on the sidelines until January.” The dollar drop also helped gold.
Story at a Glance
- Category
- Indian Markets
- Reported By
- CNBC TV18
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Gold held gains as concerns regarding inflation eased with oil prices on hopes for a diplomatic resolution to the West Asia war.
Bullion was near $4,130 an ounce after it rose 1.7% on Monday and 5% in the prior week.
The rise was supported by Brent declining to around $92 a barrel as expectations grew for a breakthrough in the Iran-US peace negotiations post last week's midterm elections seeing a sweeping victory for the Democrats.
Gold and oil moved have mostly moved in opposite directions this year with elevated energy prices fueling inflation and tighter monetary policy, a headwind for the non-yielding metal.
Demand was also boosted by a drop in the US dollar, which made the commodity priced in the greenback cheaper for buyers using other currencies.
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CNBC TV18
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