Gold Prices Rise Amid Renewed Fears Oil Glut to Hit World Economy
The gold price rise continues on Wednesday as investors are pouring money again in the safe-haven yellow metal amid renewed worries about an excess of oil supplies.
Gold futures for April delivery rose as much as 1.1% to $1,235 in electronic trading Wednesday morning. Futures settled at $1,222.60, up 1% on Tuesday.
Oil prices fell after Saudi Arabia, one of the world’s largest oil producing countries, ruled out production cuts, and after a report showed U.S. crude stockpiles touched a record. The U.S. crude benchmark shed $1.17 to $30.70.
Saudi Oil Minister Ali al-Naimi said output cuts would not happen although more countries would take part in a deal to freeze oil production.
A report on Tuesday from the American Petroleum Institute (API) showed crude inventories rose by 7.1 million barrels last week, far surpassing expectations of a 3.4-million-barrel increase.
The oil price rout has been pulling global equities lower since Tuesday. On Wednesday morning, Dow futures dropped 0.9%, while S&P futures fell 0.8% and Nasdaq futures were down 1.1%. U.S. stocks closed lower on Tuesday, with Dow, S&P, and Nasdaq surrendering 1.1%, 1.3%, and 1.5% respectively.
In London on Wednesday, the FTSE 100 tumbled 1.4%, while in Frankfurt, the DAX slid 2.4%. In Paris, the CAC 40 slipped 2.%. In Asia, the Tokyo’s Nikkei closed 0.85% lower.
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