Oil And Gold Analysis: Crude Plunges, Gold Declines On Friday
ICM Brokers | Mar 30, 2015 02:41AM ET
CL
Crude oil futures plunged sharply on Friday to give back most of the previous session's gains, as fears over an imminent disruption to supplies from the Middle East faded despite ongoing turmoil in Yemen. Global oil prices spiked by more than three dollars on Thursday after Saudi Arabia and a coalition of Gulf region allies launched air strikes in Yemen to counter Iran-backed Houthi rebels besieging the southern city of Aden.
GOLD
Gold declined for the first time in eight sessions on Friday, as a rebound in the U.S. dollar prompted investors to lock in gains from a recent rally. Gold traders have been monitoring the direction of the dollar in recent months to gauge the appeal of the precious metal. Prices often move inversely to the U.S. dollar, as gold becomes less expensive for buyers using other currencies.
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