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Gold and crude oil rise slightly in thin trading

Publish Date26/12/2012 01:45:59 PM

Last Update26/12/2012 01:53:09 PM

Gold and crude oil rise slightly in thin trading

In low volume trades, gold and crude oil rose slightly amid uncertainty and fears that cover global markets due to stumbled budget talks between Republicans and Democrats, where disagreement of reaching a deal will activate the so-called “fiscal cliff” and will push the U.S. economy into recession.

 

The disagreement between Republicans and Democrats will push gold and crude oil sharply to the downside in few days, as the disagreement will activate the fiscal cliff which will bring a strong sellof across financial markets.

 

The US Dollar index which measures the performance of currency against six major currencies including Euro, Pound and Yen is steady around its opening level at 79.65 (1:20 GMT) recording a high of 79.76 and a low of 79.58.

 

Crude oil rose slightly to trade currently at $89.16 per barrel compared with its opening level at $88.70 per barrel recording a high at 89.19 and a low at 88.61 per barrel.

 

Gold rose slightly on Wednesday to trade currently at $1660.39 per ounce compared with opening level at $1656.61 per ounce recording a high at $1660.47 and a low at $1646.05.

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