Gold Dips, Oil Gains On Global Economy Factors – 12 December, 2019

Possible progress on the U.S.- China trade deal caused gold prices to dip as investors looked towards riskier investments. Spot gold slipped 0.2% to $1,466.35 per ounce. U.S. gold futures fell 0.2% to $ 1,469.60. In other commodities, oil prices hit a three month high as the worlds two largest economies inched towards a trade deal. International Brent crude futures rose 48 cents or 0.8% to $64.68 per barrel. U.S. West Texas Intermediate crude gained 36 cents or 0.6% to $59.54 per barrel. despite trade progress being made, concerns over global oil demand are still a major factor to investors as the U.S. output continues to surge and OPEC makes an effort to cut global production.