Oil And Gold Analysis: Oil Prices Jump, Gold Soars
ICM Brokers | Apr 07, 2015 04:04AM ET
CL
Oil prices jumped more than 5% on Monday as traders reassessed how quickly Iran might increase exports after a preliminary nuclear deal and anticipated that a months-long rise in U.S. crude inventories may be slowing. Brent crude's rally followed Thursday's nearly 4% tumble after Iran and six world powers announced a framework agreement on the OPEC member's nuclear program. But initial expectations of a quick recovery in oil exports were tempered by views that it could take longer than expected to roll back sanctions.
GOLD
Gold futures soared on Monday to a near seven-week high in response to Friday's weak U.S. jobs report, as the poor data fueled speculation that the Federal Reserve could delay a potential interest rate hike. On Friday, the U.S. Bureau of Labor Statistics said that the economy added just 126,000 new jobs in March, the smallest increase since December 2013 and sharply below forecasts for a gain of 245,000.
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