Roundup: Gold closes at 28 year high, oil sets new record

What a week again for the markets! Both gold and oil hitting highs and the stock markets seeing increased volatility!

Spot gold ended the week at $783.5, adding another 2.15% over the previous day. It is supported by the ever-weakening dollar, strong crude oil and geo-political tensions (Turkey possibly invading Iraq to fight the Kurds and harsh sanctions on Iran). Metal stocks also did well, the XAU rallied 2.9%, the HUI 2.8%

The Nymex Crude future closed at $91.86, an increase of 1.55%. This week oil was also supported by the same reasons as with gold. Declining US inventories also gave it a lot of support.

The stock market saw some big intraday movements this week. Bulls and bears are engaged in heavy fighting. If we are going to break up or down will depend on the FED decision coming Tuesday. An interest rate decrease is expected, but if that doesn’t happen, the markets will break down for sure.

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