On the London stock exchange on Monday, gold prices dipped to a 6 week low, falling 0.9 percent. Brent crude slid following data that showed an increase in U.S. oil drilling.
Gold fell 0.9 percent to $1312.50 an ounce while silver increased its decline from last week’s 3.5 percent fall with another decline of 1.5 percent to trade at $16.26.
Oil Prices Slide
Following the release of data which showed an increase in the number of U.S. oil drilling Brent crude oil slipped to $73.50 per barrel.
Iran, the world’s 5th largest oil producer has threatened that they will enrich uranium to a higher level if U.S. President Trump opts out of the nuclear agreement that was made in 2015.
U.S. Dollar Gains
On Monday, world stock markets gained with a drop in commodities and the U.S. dollar was up against the euro.
Both gold and silver saw less of a decline for European investors in terms of the euro and pound sterling, with gold slipping only 0.3 percent.
Asian markets were quiet with China and Japan on holiday.
Swiss refining and finance group MKS Pamp said in a note that gold has fallen below the support level of $1315 and the psychological level of $1300 awaits.
In the week ending last Tuesday nearly one in every four of silver contracts were cancelled by bears on Comex. Since the New Year it has been the fastest cut to the short position.
For the first time in 11 weeks the net position of silver was in positive territory and grew by 15 percent on bullish betting by the group.
The reverse was true of gold as bullish betting fell and bearish bets grew sending gold futures to its lowest so far for 2018 on Comex with Money Managers on net negative positions.
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