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STEPHEN INNES
The precious metal posted its worst monthly decline since 2016 as gold prices broke below the $1,750 support.
U.S. West Texas Intermediate (WTI) crude futures were down by 0.6%, to trade at $63.17 a barrel thereby giving up all of Thursday's gains.
At the time of writing this report, the blinky metal at the futures market was trading at $1,796.40 per ounce.
The bullion asset regained its lustre after a 2.2% drop recorded in the past week,
The latest outcome of the Nigerian Treasury Bill auction points towards yield elevation in the short term.
Oil traders are going bullish on the black liquid hydrocarbon, over the unprecedented cold snap in a leading American energy hub, Texas
Stock traders momentarily increased their selling pressures on technology shares that have rallied through COVID-19 and rotated into cyclical stocks.
Recent price actions reveal it was their lowest since November 30, 2020, as gold prices have plunged by 3% in the week to date
Brent oil futures rallied by 1.20% to trade at $65.11 a barrel, the highest since January 20, 2020.
With the prevailing situation of record losses, it would be gold’s worst run since March 2020.
Natural gas contract due for delivery on March 21 traded at $3.050 per one million British Thermal Units.
Brent crude surged by 1.8%, at $63.52 a barrel, after rallying to a session high of $63.76, the highest price sighted since Jan. 22, 2020