Oil prices drop on growing fears of oversupply – Nairametrics

Oil prices drop on growing fears of oversupply – Nairametrics

Gold futures prices were up at the reopening of London’s trading session. This was boosted by a weaker dollar, though its upside was capped as traders’ focus is now on the U.S. presidential debate scheduled to hold today.

What we know: At the time this report was drafted, Gold futures were up 0.22% at $1,886.50/ounce. Holdings in SPDR Gold Trust (P: GLD), the largest gold-backed exchange-traded fund worldwide, gained 0.16% to settle at 1,268.89 tonnes yesterday.

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President Trump and Democrat’s Presidential candidate, Joe Biden, will take part in the debate, ahead of the Nov. 3 presidential elections.

Joe Biden is hoping to convince people with strong connections to working-class Americans, who had voted for President Barack Obama but switched to President Donald Trump in 2016.


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In an Economist/YouGov poll, 39% of Americans predict that Trump will win the debates, while 34% predict that Biden will win.

On the COVID-19 front, the number of new COVID-19 cases in the world’s largest economy gained for the second week in a row in 27 out of the 50 states, adding to concerns over the health of the U.S. economy.

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Globally, deaths from the virus topped one million, with over 33.2 million cases as of Sep. 29, according to Johns Hopkins University data.

In a note to Nairametrics, Stephen Innes, Chief Global Market Strategist at AxiCorp, spoke on the prevailing macros happening in the precious metal market. He said:

“Gold appeared to put in a good base around $1850 after a reasonably negative September, with the metal averaging a 1-2% move lower during the month in the past five years.

“It is now down almost 5% on the month, and at slightly more compelling levels to enter into longs given positions are much cleaner than ever after last month sell-off.

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“Gold is up on a weaker US dollar and more gains could be in the offing as focus shifts to US elections, political uncertainty, and geopolitical risks.

“After being mercilessly hammered lower last week, gold found some decent traction, buoyed by the USD’s retreat.”


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