Gold: Pain on the futures markets

The Commitments of Traders report showed a decrease from 547,300 to 495,700 contracts (-9.4 percent) for the week ending March 31. The optimism of large futures speculators (non-commercials) also went downhill significantly. A decline from 288,400 to 258,800 futures (-10.3 percent) was registered here. This was the lowest figure since mid-October. Particularly interesting: The wave of sales on the futures exchanges that has been observed this year has survived the crisis protection extremely well, after all, the increase achieved since the turn of the year amounts to almost seven percent.On Monday morning the gold price presented itself with falling prices. By around 7.35 a.m. (CEST), the most actively traded future on gold (June) was down $ 4.10 to $ 1,641.60 per troy ounce.

 

Crude oil: negative start of the week

Because the talks between Russia and Saudi Arabia were postponed from Monday to Thursday, the oil price came under pressure at the start of the new trading week. On Friday, the fossil fuel still benefited from statements by Russian President Putin that a cut in production by ten million barrels a day is possible. The oil service company Baker Hughes’ weekly report on North American drilling activity released on Friday night saw a sharp slump. In the United States, for example, the number of oil drilling rigs has dropped from 624 to 562.