Gold is once again gaining after the drop yesterday having its price today rebounding on the falling dollar; it gained $9.15 an ounce as it climbed and reached $885.80 an ounce from a high of $876.65 yesterday. It's always due to the dollar but unlike yesterday where the dollar was gaining, it has weakened today, and consequently the appeal of the yellow precious metal regained power and magic in order to seduce investors to the gold market. As last week came to an end, the shiny safe-asset re-earned its role as a hedge against a falling dollar.
Oil prices are still decreasing and floating around the same level with a contract that shed $0.24 a barrel as it reached a high of $134.64 a barrel today from $139.89 yesterday. This is still due to the output of the meeting that took place in Jeddah, which gave big signs and expectations that Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries (OPEC), will increase its crude production, not forgetting that it pumps about 40 percent of the world's oil. And of course expecting an increase in the crude supply eased oil prices.
Unlike yesterday, the U.S. dollar fell today and lost against the euro after the Feds stated that the markets have locked in on the effect of a hike way too much at a time where it is still uncertain. And therefore the green currency weakened just on speculation that the Federal Reserve will delay the increase of interest rates. This of course, as the time being, directed investors to gold leaving the currency market, always having profits in mind.