Gold was down on Friday morning in Asia, recovering from the more than one-week low hit during the previous session. Retreating U.S. bond yields and weaker-than-expected U.S. economic data also helped to counter a strengthening dollar.
Oil was down Friday morning in Asia, but held onto the bulk of a three-day advance, as optimism that rising demand will tighten the global market prevailed.
Gold was down on Thursday morning in Asia, remaining close to a one-week low. A strengthening dollar and increasing risk appetite as concerns over surging COVID-19 cases abated, both decreasing the yellow metal’s appeal to investors.
Oil was down Thursday morning in Asia, as the U.S. Energy Information Administration (EIA) confirmed a surprise draw in U.S. crude oil supplies and soaring COVID-19 cases globally dampen the fuel demand outlook. However, the black liquid held on to most of its gains from the previous session over expectations that supplies will remain tight through the end of 2021.
U.S. crude stockpiles unexpectedly rose for the first time in nine weeks at a time when rising Covid-19 infections threaten the demand outlook, according to a report from the API.
Gold was down on Wednesday morning in Asia. The dollar strengthened and fears about the recent surge in COVID-19 cases involving the Delta variant also eased, thus increasing investors’ risk appetite.