Commodity News App Live- Crude Oil prices fell on Monday morning in Asia, as the COVID-19 pandemic as well as Sino-U.S. relations took a turn for the worse over the weekend.
The U.S. recorded a near record 74,000 new cases of COVID-19 on Friday according to Johns Hopkins University data.
More than 1,000 Americans died each day between Tuesday and Friday, the worst death tally since late May.
The numbers may lead to further closures and lockdowns and hit at demand for fuel.
Also affecting prices is the increasingly tense relationship between the U.S. and China, two of the largest oil consumers in the world.
Fears of a full blown diplomatic conflict over the next few months have increased, affecting the value of the dollar and dampening expectations of a sharp increase in demand for fuel.
U.S. and China have both ordered the other shut a consulate in their respective countries, the China’s Houston consulate and the U.S. consulate in Chengdu.
U.S. Secretary of State Mike Pompeo called for an end of engagement a policy that has defined U.S.-China relations for nearly five decades.
WTI Crude oil Trading at 41.22$.
Brent Crude oil Trading at 43.65$.
Mcx Crude oil Trading at 3082.
Commodity News App Live- Gold on Record Highs Broken previous high and currently Trading at 1930$ per Ounce.
Gold continued its surge on Monday morning in Asia, topping a record high on concerns about a dropping dollar and the search for safe havens amid a cloudy economic outlook.
The flock to the safe-haven yellow metal has been boosted by a weak dollar, which fell to the lowest in over a year, and hopes that the Federal Reserve will keep a policy that helps the economy recover from the impact of the COVID-19 pandemic when it convenes this week.
Mcx Gold Opens at 51800 on record high.
Gold Rate Today
22 Carat Gold Rate Today is 48340 per 10gm.
24 Carat Gold Rate Today is 52800 per 10gm.
Today ‘s Trend For Crude oil & Gold.
Crude oil above 3137 bullish and may touch 3200/3300 today & Below 3006 its Bearish and may touch 2970/2900.
Mcx Gold above 51476 bullish and may touch 51550/51800 & below 50595 may touch 50450/40250.
For any Query or any Holding positions in Mcx Crude & Gold can Call or whatsapp to 08050795677.