Gold Prices Plummet After Upbeat U.S. Data
ICM Brokers | Dec 16, 2014 02:08AM ET
CL
Crude Oil prices tumbled on Monday after a key OPEC country said that the oil cartel won't trim output to shore up prices, which fueled ongoing concerns that supply far better demand. The United Arab Emirates said earlier that OPEC will stand by its recent decision not to trim output to shore up slumping oil prices, news that sent crude futures plunging on Monday. On the other hand, military conflicts in the Ukraine, Syria, Iraq and elsewhere have not disrupted supply as once feared, which is allowing oil prices to slide further.
GOLD
Gold prices plummet on Monday after upbeat U.S. data and expectations for a bullish take on the economy from the Federal Reserve this week boosted demand for the dollar. Official data showed that industrial production rose 1.3% in November, compared to expectations for a 0.7% gain, after a 0.1% uptick in October, whose figure was revised from a previously estimated 0.1% slip.
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