FX & CFD trading involves significant risk
Gold prices rise, as investors try to hide from the sharp losses in the oil market amid lingering concerns over a slowdown in the global economy.
Oil prices continue to decline, falling to a more than five-year lows as investors switched to short positions in anticipation of lower prices amid lingering concerns about the growing supply.
Significantly limits the rise of the dollar got stronger. Index USD, which measures the dynamics of the US currency against a basket of six major currencies, rose 0.21% to a nine-year peak of 91.67.
The euro fell to nine-year low against the dollar amid high expectations that at the beginning of this year, the European Central Bank will resort to measures of quantitative easing in an attempt to strengthen the flagging economy of the region.
This week, investors will be focused on Friday's data on US non-farm payrolls to gain additional insight into the strength of the recovery in the labor market. On Wednesday, as the long-awaited report will be published next Fed meeting.
In 2014, gold fell nearly 2% amid signs that the strengthening of the US economic recovery will force the Fed to start raising interest rates sooner and faster than expected.
Expectations of an increase of interest on loans have a negative impact on the dynamics of gold, as the precious metal are struggling to compete with earning assets during periods of high interest rates.
The cost of the February gold futures on the COMEX today rose to 1202.90 dollars per ounce.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.