Gold, Crude Prices Remain High In NY On Persisting Fears
ICN.com | Apr 09, 2014 05:43AM ET
The yellow precious metal saw its safe-haven boosted and therefore its prices remaining high as well as crude continued on inclining strongly as a result of the prior session renewed fears about Russian-Ukrainian crisis while that is speculated that oil inventories fell for a 10th week.
Traders are extremely concerned that Vladimir Putin`s interference in Ukraine would probably spark a more serious dislocation, after recent annexation of Crimea passed with relatively little impact on commercial connections between Russia and the West.
Earlier today, tens of people were arrested in three eastern city Kharkiv after pro-Russian demonstrators stormed government buildings, adding to fears that the Russian government may intervene directly in its struggling neighbor, which would lead to further economically-damaging sanction from the US and European union.
Also investors remained uncertain about the Fed’s monetary outlook and last week’s jobs report signaled U.S. employers added 192,000 jobs last month, lower than analysts’ predictions of 200,000 job gain.
The infamous nonfarm payrolls data released on Friday although showed improvement but failed to give confirmation whether the Fed would continue with the same pace of stimulus reduction.
In other words recent data has signaled recovery in the world’s biggest economy is strengthening, but the NFP failed to give a clear confirmation.
Now all eyes this week will be on minutes for March 18-19 FOMC meeting to see how the vote was among policymakers.
Accordingly Gold gained currently 0.85 percent recording a high of $1309.80 an ounce and a low of $1314.50 an ounce and is so far trading around $1297.05 an ounce and crude rose by 1.47 percent and is trading around $102.18 a barrel recording a high of $102.42 a barrel and a low of $100.72 a barrel.
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