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STEPHEN INNES
Crude oil prices gained significantly following reports of the U.K.’s rollout of a COVID-19 vaccine.
The strong rebound in the precious metal market is largely attributed to the new COVID-19 pandemic-related restrictions taking its stronghold globally.
Crude oil prices dipped due to oil traders being jittery over rising global cases of COVID-19, despite hopes of effective vaccines.
Gold futures contract gained about 3% W/W, as it turned out to be the yellow metal's best week since the week ended October 30.
The Dow DJIA gained 0.8% to close near 30,218 points, while the S&P 500 SPX +0.88% advanced 0.9%, to finish near 3,699 points,
Brent crude futures gained over 1%, as it was within striking distance of hitting the $50/barrel price mark after gaining around 1% on Thursday.
Brent crude futures prices were down by 0.3%, trading at $48.10/barrel after initially gaining 1.8%.
Gold futures prices dropped 0.32% at $1,813/ounce, though it's now trading above the $1,800 mark.
The U.S. Dollar Index traders use in tracking the greenback's relative strength against a basket of other major currencies dipped lower by 0.11%.
The Dow jumped 11.8% in November, posting its best one-month gain since January 1987. The S&P 500 and Nasdaq Composite surged by 10.8% and 11.8%, respectively
For the month of November, Brent gained 28%, its best month since a 95% jump in May from April’s lows.
For the month of November, the precious metal lost for the third consecutive week, dropping 6% in value month to date.