Gold bullion again gave back a $10 overnight pop on Wednesday in London, falling back to last week’s finishing level at $1183 per ounce for the third session running as world stock markets rose and oil prices jumped on rumors of an Opec output cut.
Western government bond prices slipped, driving 10-year US Treasury yields back above 2.34% to extend their third fastest month-on-month rise of the last decade following Donald Trump’s victory in the US presidential election.
Trump announced on Twitter today that he will hand all control of his business empire to his children and advisors in mid-December, apparently responding to growing criticism over the conflicts of interest due to start with his presidency on 20 January.
Crude oil prices meantime jumped as much as 8% – briefly trading above $50 per barrel of Brent for the first time in a week – on news-wire reports that the Opec cartel of major producer nations is close to agreeing a cut to output in a bid to stem the half-decade slide in energy values.
This post was published at FinancialSense on 11/30/2016.
Follow on Twitter
Recent Comments