to Strengthen on Monday's Asian trade
Gold continues its ascension rally on Monday's Asian market trade, encouraged
by worries of corona surging cases.
futures for August delivery rose $9.70 or 0.5%, to $1.780,30/ounce in Comex New
York. Benchmark for gold futures contracts jumped to $1,796.10, the highest
figures reached at Comex since November 2011.
which tracks real-time trading in bullion, rose $4.32 or 0.2%, to $1,768. The
bullion indicator reaches its intra-day highest at $1,779.45 in the previous
session, the highest since October 2012.
gold prices at Comex rose 1.7% after rising 0.9% and 3.2% in the previous two
States reported more than 41,000 new Covid-19 cases last week. U.S. health
officials says that the actual national case may be 10 times that the official
amount. India, South Korea and New Zealand have reported an increasingly high
Covid-19 cases in the last few weeks.
Steady at Asian Market Opening on Monday
started on Monday's Asian market steadily, not changing much from last week's
position value of dollar rose to $16.83 billion in the week ended June 23,
compared with a net decline of $15.69 billion the previous week.
index on morning trade dropped 0.07% to 97.09.
currency pair dropped 0.1% to 1.1211. GBP/USD drops 0.1% to 1.2408. While the
USD/JPY drops 0.1% in 107.13.
demonstrates the economic recovery in the US with a small decline from
unemployment claims number and substantial gains in the durable goods orders.
dollar increase is still shadowed by the news of increasing cases number of coronavirus
across US. The state health departments reporting a total of more than 37,000
new cases during the past week.
Covid-19 infection in the U.S. and other side of the world does not spark the
investor's interest in greenback (U.S. dollars) as safe-haven.
Oil Prices Weakens on Monday, Amid Worries of Global Economy
prices weakened on Monday's trade, amid new economic concerns following a hike
in Covid cases from recent times.
Increase in US
output from recent months continues to burden oil prices. This happens even
though the demand for the remaining fuel is still improving.
latest data shows the number of US oil rigs hardly show any changes, Crude oil
prices rose almost four times since April. It was boosted by a hike from
increasing drilling rig.
Intermediate which traded in New York, the benchmark for U.S. crude oil
futures, dropped 23 cents or 0.6%, to $38.49 per barrel. Brent is traded in
London, the global benchmark for oil, dropped 12 cents or 0.3%, to $40.93.
The US Energy
Information Administration (EIA) says that the crude oil production is estimated
at 11 million barrels per day for the week ending June 19, compared to 10.5
million barrels per day in the previous week.
It was the
first hike in U.S. production for 13 weeks. It occurs after 20% decrease in
output, following the destruction of demand for fuel caused by pandemic, after the
highest record of 13.1 million barrels per day which set in mid-March.
in production reported by the EIA for the week ending June 19 coincided with
the addition of 1.4 million barrels in crude oil stocks for this week, compared
with the increase of 300,000 barrels that were anticipated by the previous market.
On the fuel
demand side, AMDAL reported a decline of nearly 1.7 million barrels in gasoline
stocks or about 400,000 more than expected. But to compensate, the supply of distill, led
by diesel, climbed almost 250,000 barrels against the estimated decline of