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Oil Keeps Pushing, Gold Slides, Bitcoin Struggles

By MarketPulse (Craig Erlam)Market OverviewOct 10, 2022 01:52PM ET

www.investing.com/analysis/oil-keeps-pushing-gold-slides-bitcoin-struggles-200630885

By MarketPulse (Craig Erlam) | Oct 10, 2022 01:52PM ET

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Oil prices are continuing to edge higher at the start of the week, albeit at a much slower pace with Brent now not far from $100 a barrel. OPEC+ may be comfortable with that after slashing output targets by two million barrels per day but I’m not sure anyone else will be.

The Chinese PMI data overnight highlighted the challenges facing the world’s largest crude importer as it tries to balance its zero-COVID policy with economic growth. That may have helped take some steam out of the rally today but it didn’t last.

Gold Tumbles Below $1,700

Gold prices have slipped by more than 1%, far outweighing the modest rally in the dollar at the start of the week. The yellow metal is on course for the fourth day of losses amid a resurgent greenback and dwindling faith in slower monetary tightening. Yields are up around the world today and that’s going to be further pressuring gold. A move back below $1,700 on Friday is another worrying move which could wipe out any enthusiasm generated during the late-September, early-October rally.

BTC Back Below $20,000

Bitcoin is also struggling at the start of the week after breaking back below $20,000 on Friday and failing to recapture those losses over the weekend. Ultimately, little has changed though. The cryptocurrency has been fluctuating around $20,000 for months and that remains the case now.

Comments (5)

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Tri Stand Oct 10, 2022 2:50PM ET

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Oil Keeps Pushing, Gold Slides, Bitcoin Struggles

Gold Tumbles Below $1,700

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