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Oil Soars, Gold Slides As Both Remain In Focus

By Naeem AslamCommoditiesJan 17, 2022 02:16AM ET
www.investing.com/analysis/oil-soars-gold-slides-as-both-remain-in-focus-200614927
Oil Soars, Gold Slides As Both Remain In Focus
By Naeem Aslam   |  Jan 17, 2022 02:16AM ET
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Oil

Brent, the global crude oil benchmark, has climbed on forecasts that demand would exceed supply this year, despite indications that the world's two largest countries, the United States and China, will likely release oil supplies from strategic reserves.

Crude oil prices have also benefited from geopolitical considerations such as concerns that Russia may launch an assault on Ukraine after stationing 100,000 troops on its border. As a result, some institutions estimate that oil prices will top $100 per barrel this year.

Crude Oil Daily Chart
Crude Oil Daily Chart

Gold

Gold prices have fallen as a result of rising government rates, but they remain above the critical $1,800 mark. The 10-year Treasury bond yield has climbed to almost 1.793 percent, while the 30-year Treasury note yield has risen to about 2.126 percent.

Treasury rates move in the opposite direction of gold prices because as yields rise, so does the opportunity cost of keeping the yellow metal, making it less tempting to investors. Gold received some support from poor retail sales figures for a limited while.

Moving forward, investors should pay particular attention to economic statistics and the number of coronavirus infections to predict how the precious metal will perform in the following months.

Gold Daily Chart
Gold Daily Chart

Oil Soars, Gold Slides As Both Remain In Focus
 

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Oil Soars, Gold Slides As Both Remain In Focus

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