Oil prices will need to go higher to drive inflation fears, support gold - analysts oil gold inflation
- Further production cuts from Saudi Arabia and Russia are providing some momentum for oil prices, which in turn, is supporting the gold market; however, oil prices will have to go much higher before inflation fears provide new momentum for the precious metal, according to some market analysts.
While higher oil prices do provide some support for gold, some analysts have said that the 3% move is still not enough to drive inflationary threats, which are needed to support gold prices. Ole Hansen, head of commodity strategy at Saxo Bank, said that gold remains strongly negatively correlated with bond yields. The yield on 10-year bonds is trading at a 4-month high at 3.9%.
Alex Kuptsikevich, senior market analyst at FxPro, said that he doesn't see the latest production cuts providing much support for oil.
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