Commodity update 83
Oil prices are in an uptrend despite worries about an excess supply. Gold trades close to a two and a half week high at the beginning of the week.
Oil prices are in an uptrend despite worries about an excess supply. Gold trades close to a two and a half week high at the beginning of the week.
Oil prices fear oversupply
At the beginning of the new week, Oil continued its upward price tendency indicated over the last days. However, worries about an excessive supply still remain an issue on the oil market. The price for Oil is still below the important level of USD 50 per barrel.
Gold:
The Gold price traded on a two and a half week high at USD 1,235 per troy ounce at the beginning of the week. Thereby, the precious metal is again located around the significant 200-day average. If the Gold price exceeds strongly the current price range, experts will expect further orders.
Platinum proves strong
Platinum regained the mark of USD 930 on Monday. The precious metal benefited from a strong demand by the automotive industry. Latest figures show a constant growth within the sector.
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