Commodities round-up: Gold holds above $1800/oz; US dollar off highs

view original post

The crude oil prices are off in trade and rising COVID-19 cases have triggered new restrictions; United Airlines and Delta Airlines cancelled dozens of flights and also weighing on crude is the US rig count, which is highest since April 2020.

However, gas prices in Europe and Asia are close to all-time highs which will continue to support the crude oil prices as well.

Gold prices have seen short-covering ahead of the year-end, so USD 1,800 per ounce is holding. The dollar is off its highs – that has been supportive and the inflation concerns also have led to some buying coming back in the case of precious metals.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.