Precious metals market is seeing the top two popular safe haven metals trade on opposite ends. Owing to its lower cost and relatively stable price action in the market, and the fact that Silver fell sharply during the previous session making it even cheaper than before, investors across the globe today chose Silver as most preferred safe haven asset. This helped the price of Silver climb back above $15 handle in the spot market today and as of writing this article, spot Silver XAGUSD is trading at $15.12 per ounce down by 0.17% on the day. While silver’s decline is relatively limited post rebound and has recovered most of its loss from the previous session, gold is still suffering bear’s influence in the global market.
Crude Oil Declines Post Hitting New 2019 Highs
While gold found some support yesterday owing to the decline in European equities, overall risk on investor sentiment and resulting profit booking activities took the price to 10-week lows during American market hours. However, mixed signals in the market owing to lack of progress in both Brexit and Sino-U.S. trade talks helped the yellow metal rebound from overnight lows. However, conflicting headlines continues to underpin both bulls and bears in the Asian and European market today. This has resulted in both equity and forex markets seeing rangebound price action in the global market. Further, US dollar in which the precious metals are denominated is also trading positive in the global market.
This has resulted in the price action of gold being trapped within $1285-$1290 handle for the majority of today’s market hours. As of writing this article, spot gold XAUUSD is trading at $1287.74 per ounce down by 0.35% on the day while spot silver XAGUSD is trading at $1291.60 per ounce down by 0.20% on the day. Crude oil saw positive price action in Pacific-Asian market hours with price of Brent Futures breaching $70 per barrel for the first time this year. However, the gains were short-lived as mixed cues in the international market saw bear gained greater hand. Lack of headlines hinting at progress in Brexit and Sino-U.S. trade talks took a toll on the outlook for future demand in crude oil resulting in subdued price action. Spot Crude oil WTIUSD is trading at $61.87 per barrel down by 0.27% on the day.