Gold prices ended the trading session on Monday, the first session of the week on a variation, as the yellow fell, with sharp gains for stocks., While Black rose, with the support of the current supply cut in addition to the signs of a gradual recovery in fuel demand.
First the yellow gold, Metal prices closed the trading session lower, retreating from its highest level in nearly 8 years with sharp gains for stocks.
The price of gold metal futures for the month of June delivery fell by 1.3%, equivalent to $ 21.90 to $ 1734.40 an ounce, after recording $ 1775.80 earlier in the session, its highest level since October 12, 2012.
The spot price of yellow metal fell by 0.7%, equivalent to $ 11 to $ 1731.99 an ounce.
Meanwhile, the main index of the US dollar, which measures the performance of the green currency, against 6 major currencies, declined by 0.7% at 65982.
The yellow metal retreated, with the Dow Jones US stock index rising more than 800 points in trading with hopes of corona treatment.
For his part, the Federal Reserve Chairman ruled out the possibility of a repeat of the Great Depression scenario despite the severe recession in the economy.
The precious metal in early trading benefited from the grim US data released at the end of last week, the extent of the damage caused by the “Covid 19” virus to the largest economy around the world, which boosted the value of gold at its highest level since October 2012.
Secondly, black gold, Oil prices closed the trading session higher, to record “NYMEX” the highest level in two months by supporting the current supply cuts in addition to signs of a gradual recovery in fuel demand.
The price of futures contracts for US NYMEX crude for June delivery rose by 8.1%, to record $ 31.82 per barrel, the highest level for this contract, the most active since March 11.
The price of Brent crude for July delivery in July increased to $ 35.01 a barrel, or 7.7%.
Black gold received support from additional signs confirming a gradual return to fuel demand in light of the fact that more countries are working to ease the restrictions imposed to combat the spread of the Corona epidemic.
Oil prices also benefited from hopes of finding a vaccine against the Corona virus, which paralyzed demand for crude.
Oil prices come at the end of the June contract for West Texas crude delivery tomorrow, Tuesday, but it is unlikely that the same scenario that occurred in the past decade of May will be repeated when prices fell to the negative range for the first time.
Data for oil exploration activity in the United States shows that US crude production is declining, as more companies shut down drilling platforms.
And at the beginning of this month, a historic agreement to reduce oil production levels by OPEC member states and non-OPEC allies led by Russia began to be implemented.