Global oil and gold prices continued their southern
journey in early trade Monday (Dec 1) on different geo political reasons.
Gold prices tumbled after Swiss voters
overwhelmingly rejected the proposals to boost gold reserves in a referendum
while oil prices hit five-year lows after OPEC held back from cutting output in
the face of a supply glut.
Gold fell more than two per cent at one point to
$1,142.90 per ounce, its lowest level in more than three weeks, while silver
also took a hit, falling more than six per cent to a five-year low below $14.50
per ounce.
US crude fell more than two per cent to a five-year
low of $64.10 per barrel, with the fall from June exceeding 40 per cent.
Sinking oil and commodity prices are causing massive
realignments in markets.
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