(29 October 2020)DAILY MARKET BRIEF 2:Gold is recovering

(29 October 2020)DAILY MARKET BRIEF 2:Gold is recovering

29 October 2020, 12:22
Jiming Huang

In the commodity market, oil prices are trading in the positive territory after plunging over 5% to four-month lows amid a spike in COVID cases. Also, the US Energy Information Administration said that crude inventories rose more than anticipated last week as production jumped in a record build. WTI is now trading below $38, and Brent is fluctuating below $40.

Gold is recovering after tumbling over 1.7% yesterday. Investors are seeking refuge amid new lockdowns in Europe and US election uncertainty. The metal is up 0.30% but trading well below the $1,900 mark, at $1,884.

In FX, the US dollar is losing some ground after gaining 0.50% yesterday. The greenback can’t leverage its safe-haven status several days until Election Day. The USD Index is down 0.04% to 93.368. EUR/USD is up 0.13% to 1.1757.

By Strategy Desk

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