THE RECOVERY OF GOLD AND OIL
Gold price continues upward trend
Despite being the archetypal safe-haven asset, gold, like everything else, eventually took a hit to the downside on the realization that COVID-19 would become a global pandemic. From the week beginning March 23, however, the gold price rebounded at the same time as a bear market rally in U.S. stocks. Despite the mid-March fall in the gold price, in tandem with the stock market crash, the yellow metal has recovered and the market appears convinced that it is on an upward trajectory.
The Beginning Of A Tremendous Oil Rally
Evidence of recovering oil demand began to emerge over the past week. Yesterday, oil prices climbed to their highest level in months, with West Texas Intermediate (WTI) at $32 and Brent breaking $35 per barrel. Sentiment has vastly improved over the past few weeks, and recent promising news about a potential coronavirus vaccine has boosted energy and equity markets.
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