Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Safe-haven bids buoy gold

1.8930299Gold rose on Monday as oil producers’ failure to agree on an output freeze sent crude prices and equities tumbling, stoking safe haven demand for

bullion.

FUNDAMENTALS

* Spot gold rose 0.3 percent to $1,237.60 an ounce by 0036 GMT. U.S. gold futures climbed 0.4 percent to $1,239.70.

* A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices.

* U.S. crude futures slid as much as 6.8 percent to $37.61 a barrel, while Brent futures dropped 7 percent to $40.10 a barrel.

* Commodity currencies slumped early on Monday while the safe-haven yen soared after the disappointing weekend meeting at Doha. Asian shares dropped on Monday dragged down by tumbling crude oil futures.

* Gold prices had posted a weekly loss on Friday as equities and oil gained on upbeat Chinese economic data and optimism over the Doha meeting.

* Gold prices have steadied after posting their biggest quarterly rise in nearly 30 years in the three months to March, driven by a retreat on expectations that the U.S. Federal Reserve will push ahead with several rate hikes this year.

* The Fed is unlikely to raise U.S. interest rates when it meets later this month but seems to be on track for at least two increases over the rest of the year, Chicago Fed President Charles Evans said on Friday.

* Hedge funds and money managers raised their bullish bets on gold and silver in the week to April 12, U.S. Commodity Futures Trading Commission data showed on Friday.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.70 percent to 812.46 tonnes on Friday.

* Silver’s value relative to gold surged by the most in 2-1/2 years last week as the metal jumped to its highest since late October.

Source: http://classfmonline.com/1.8958526 

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar