Crude Oil, Gold Prices May Fall Further if US GDP Data Disappoints

CRUDE OIL & GOLD TALKING POINTS:

Crude oil prices sank alongside stocks as risk appetite soured across global financial markets. The WTI benchmark suffered its biggest one-day drop in almost two months. The S&P 500 stock index – a bellwether for the broader market mood – suffered the largest setback since June.

A global upswell in Covid-19 cases has tarnished hopes for a lasting economic pickup even as political deadlock in the US has derailed scope for a near-term fiscal fillip. Narrowing polls ahead of next week’s US presidential election have raised the level of uncertainty around the outcome, worrying markets further.

Gold prices likewise fell as the dour mood drove liquidation, boosting the US Dollar and undermining the appeal of anti-fiat alternatives epitomized by the yellow metal. The global reserve currency’s unrivaled liquidity dulls volatility, making it a frequent beneficiary in times of turmoil. CRUDE OIL, GOLD MAY FALL FURTHER […]

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