GOLD prices dipped 1.1%, while OIL prices plummeted 5%.
Gold & Oil prices are plunging. Gold is at a 2-week low, down 1.1%. Oil is on track for its biggest daily drop in a month, down 5%. Market volatility is expected. For latest prices click here > http://bit.ly/335xdyN
The gold price has stalled in recent weeks. Although the yellow metal is higher by more than 28% YTD, it has failed to attract safe haven flows in October, even though geopolitical risks have surged thanks in part to a surging USD price. This has meant the precious metal has failed to make fresh record highs above $2672, the daily record high from 26th September.
Brent Crude (OIL) dropped almost 5% as Libya's NOC informed about rising production (to 1.13 million barrels per day for the first time since August). Middle East tensions has also weakened, with Israel not responding to Iran's missile attack, yet. Investors expect that the political stalemate, which stopped production in Libya for more than a month, has now ended.
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