The prospect that US politicians could decide on another rescue package last week has prevented any significant profit-taking so far. The world’s largest gold ETF SPDR Gold Shares saw positive signs for the third day in a row with an increase in the amount of gold stored from 1,257.73 to 1,267.96 tons. However, the gold price is currently also receiving a tailwind from the dollar. The dollar index is currently in close contact with its lowest level in over two years. In view of the massive problems that the corona virus has caused in the USA, a comeback of the dollar to its old strength is unlikely and thus further boosts interest in the world’s oldest currency.
Crude oil: highest level in five months
Because the US Energy Information Administration’s reported inventory decline of 7.4 million barrels was stronger than expected, the price of fossil fuels rose to its highest level in five months. However, the uncertainty about further new corona infections as well as the growing storage reserves for gasoline and distillates prevented a stronger increase in oil prices. The upcoming data from the US labor market are now causing tension: In the afternoon, the Challenger report on job cuts (1.30 p.m.) and the weekly initial applications for US unemployment benefits (2.30 p.m.) are due to be announced.