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CHIEF GLOBAL MARKET STRATEGIST
Gold traders are going long after Biden shrugged off warnings that the economy may overheat as a result of the $1.9 trillion stimulus deal
Brent oil futures lost about 0.2% to trade around $61 a barrel
Both major oil benchmarks are at their highest since January 2020.
At the time of writing this report, Brent crude traded at $59.95 a barrel thereby reaching a 1-year high.
Gold futures settled up $1.2%, at $1,813.05 after it had dropped as low as $1,784.60 on Thursday.
Oil traders are going long on hopes that a $1.9 trillion stimulus package proposed by Joe Biden last month would see the light of day.
Gold futures traded $1,826/ounce losing about 0.50% in value amid a social media-driven rally that was in play in the past few days.
Brent crude futures rose by 0.3%, to $57.62 a barrel, in a fourth straight day of gains after hitting $58.05 on Tuesday.
The world’s leading oil giant, Saudi Aramco, has predicted that energy demand will return to pre-COVID-19 levels later in 2021.
Silver futures gained as much as 8% shortly after the futures market opened on Monday, marking the biggest rise in the futures since at least 2013.
Oil prices settled lower for the second straight week on fears that energy demand might face challenges.
The U.S dollar index is on track for a 0.5% weekly gain following record-buying at the start of the week