Saturday , January 23 2021
Home / Commodity Blog / Precious Metals Fall, Crude Oil & Copper Gain as Coronavirus Vaccine News Continues to Affect Markets

Precious Metals Fall, Crude Oil & Copper Gain as Coronavirus Vaccine News Continues to Affect Markets

Summary:
Gold and silver fell, while crude oil and copper rallied during Tuesday’s trading session. Markets remained under the effect of the positive news about the coronavirus vaccine development, which encouraged investors to be bolder and seek riskier assets. Yesterday, AstraZeneca reported that its vaccine shows 90% efficiency. The news followed similar reports from Pfizer/BioNTech and Moderna. The prospects for a coronavirus vaccine means that countries across the world will be able to reopen their economies. That promises a higher demand for crude oil and copper. At the same time, precious metals suffer as the resulting economic recovery will make them less appealing in their role as a safe haven. Yesterday’s US data suggested that the US economy remains strong, further adding to the positive

Topics:
Vladimir Vyun considers the following as important: , , ,

This could be interesting, too:

Vladimir Vyun writes Metals Drop on Friday, Head to Weekly Gains

Andrew Moran writes Oil Slumps Amid Vast US Supply Build, Higher Crude Rig Count

Vladimir Vyun writes Video: Silver Price Forecast as of 22 January 2021

Vladimir Vyun writes Video: Updated Silver Price Analysis for January 2021 – Silver Gaining Momentum?

Gold and silver fell, while crude oil and copper rallied during Tuesday’s trading session. Markets remained under the effect of the positive news about the coronavirus vaccine development, which encouraged investors to be bolder and seek riskier assets.

Yesterday, AstraZeneca reported that its vaccine shows 90% efficiency. The news followed similar reports from Pfizer/BioNTech and Moderna. The prospects for a coronavirus vaccine means that countries across the world will be able to reopen their economies. That promises a higher demand for crude oil and copper. At the same time, precious metals suffer as the resulting economic recovery will make them less appealing in their role as a safe haven.

Yesterday’s US data suggested that the US economy remains strong, further adding to the positive market sentiment. Markit reported that both US manufacturing and services Purchasing Managers’ Indices climbed this month according to the flash estimate, meaning that both sectors accelerated their growth.

Now, traders wait for the release of monetary policy minutes by the Federal Reserve on Wednesday as well as for US gross domestic product, also released tomorrow. There will be a huge amount of macroeconomic releases in the United States tomorrow as many reports were shifted to Wednesday due to the Thanksgiving Day on Thursday.

Futures for delivery of WTI crude oil in January climbed by $0.4 (0.93%) to $43.46 per barrel as of 9:52 GMT on NYMEX today. Brent crude rallied by $0.35 (0.76%) to $46.41 per barrel on ICE. Gold for delivery in February lost $15 (0.81%) of its value to trade at $1,829.1 per troy ounce on COMEX. March silver declined by $0.2 (0.85%) to $23.56 per ounce. Copper jumped by $0.0545 (1.66%) to $3.3325 per pound.

If you have any questions and comments on commodities today, use the form below to reply.


Commodity Blog, 2020. | Permalink | No comment | Add to

Better Feed from Ozh

Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

Leave a Reply

Your email address will not be published. Required fields are marked *