FLASH: Gold Up, USD Soft, Crude Oil Up, Stocks Up
- US-Chinese trade deputies face-off in Washington
- Asia’s economic hopes support shares
- Crude Oil edges up on Mideast tensions
- Gold up as softer USD and Gulf tensions support
Gold: Gold prices up Friday and were headed for their 1st weekly gainer in 4-5, supported by a softer USD, tensions in the Middle East and caution about US -China trade talks.
- Spot gold up 0.4% at $1,505.06 oz, as of 0640 GMT,
- US gold futures up 0.5% at $1,513.5 oz.
A weaker Buck is giving gold an upward drift, but prices are still in the middle of a trading range and set to $1,500 mark.
Energy: Crude Oil prices bounced up on worries about the stability of supply as tensions between Saudi Arabia and Iran showed little sign of abating after last weekend’s attack on Saudi petroleum installations.
- ICE Brent Crude Oil futures rose 0.78% to $64.90 bbl,
- NYMEX WTI Crude Oil gained 1.14% to $58.79 bbl.
Saudi-led forces Friday launched a military operation on northern Yemen against what it described as “legitimate military targets”, an incident that could aggravate regional tensions.
Equities: Asian share prices are higher Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend’s attacks on Saudi Arabia’s Crude Oil facilities still pose supply risks.
MSCI’s broadest index of Asia-Pacific shares sans Japan rose 0.15% though it is on course to post its 1st weekly decliner in 5, pushed down by sizable losses in Hong Kong and India.
Japan’s Nikkei rose 0.46% to come within striking distance of its YTD highs and US and European shares also stood near their best levels this year.
The S&P 500 finished flat Thursday, staying than less than 1% below its closing record high hit in July, while the pan-European FTSEurofirst 300 index also came within sight of this year’s high.
Commodities & Currency Pairs (quotes)
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Have a terrific weekend.
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