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Oil falls while gold sparkles

Oil slides as the US nears nuclear accord with Iran

Reports of the US and Iran nearing a new nuclear deal couldn’t have come at a better time and oil prices are slipping at the prospect of more than a million barrels of crude re-entering the market. In the absence of a deal, we could already be talking about triple-figure oil prices.

Of course, the risk of a Russian invasion remains heightened so there’s plenty of potential for oil prices to head higher once more if troops do cross the border but the combination of next week’s Blinkin-Lavrov meeting and a nuclear deal are providing relief for crude markets.

Gold shines as panic sets in

Gold surged once again on Thursday in risk-averse trade and topped USD 1,900 for the first time in eight months. The yellow metal is paring gains today, off around four-tenths of one percent, but remains well supported given the level of uncertainty and anxiety that exists.

It has really benefited from its role as a safe haven and inflation hedge, blowing away any suggestion that gold no longer serves such a purpose or that it’s been in any way replaced. If troops cross the border, we could see it surge once more and potentially eye levels not seen since late 2020.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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