Latest figures for gold and other types of trading

Published: 23 January, 2017 08:46

The latest commodity figures show that gold and oil increased in value this weekend; the former was up by 0.88% and the latter was by 0.11% when compared to last week’s figures. This is particularly interesting given that this has been a month in which the price of oil has been moving sharply up and down in response both to the US presidential elections and to volatile forecasts about the situation in the Middle East. There are two key factors that are behind the fact that this commodity is valuable at the moment, though, and these are outlined below.

A decline in global supply

The global oil supply as been in decline recently and as this weekend has seen this confirmed in several news reports this has meant that over the past couple of days it has been trading online for a higher value than previously.

A spike in rigs in the US

One reason why the price of this commodity has not completely shot through the roof is that this week has been one in which traders were reassured that rig use by US companies is actually much higher than it has been in the past. This spike in rig use has reassured online traders and has helped to mitigate the sharp rise in prices that would otherwise be occasioned by the recent confirmation that there is indeed currently a decline in our global supply.

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