The number of global Coronavirus infections is increasing at an unexpected speed, and German Chancellor Angela Merkel said yesterday that the pace of new infections is advancing day after day, and at a more than rapid pace, adding that the global economy will not be able to recover if the situation continues as it is.
The yellow metal oscillates between the negative cases of new infections and the positive of the vaccine, and it is also supported by the decline in the dollar index by 0.1%, as gold fell in today’s trading by 0.1% to reach $ 1886.17 an ounce, while the futures contracts fell for gold in the United States rose 0.2% to 1884.5 dollars. As for the silver futures contracts, they fell 0.7% to 24.58 dollars an ounce.
As for oil futures contracts, oil prices rose today : futures contracts for Brent crude for January delivery increased by 0.6%, equivalent to 26 cents, to reach a price of $ 44.08 per barrel, and futures contracts for US West Texas Intermediate crude rose by 0.4%. Or the rate of 18 cents, to reach 41.25 dollars a barrel.
Oil prices were affected positively, thanks to expectations that OPEC and its allies extend crude production cuts for at least 3 months, while sentiment boosted news about another coronavirus vaccine.