According to Eqtesadnews, on the first day of global trading, oil and stock prices were up, but the price of gold and bitcoin were down. Hope for the corona vaccine appears to have had a positive effect on oil demand as well as index fluctuations, but this hope has pushed gold and bitcoin prices to other elements of these markets in a negative direction.
Optimistic about Corona and Biden vaccine
According to Reuters, global stocks rose for the 11th day in a row, prompted by optimism about the COVID-19 vaccine distribution and new funding from Washington, as tensions in the Middle East pushed oil prices to 13 levels. Monthly delivery.
As more people are vaccinated across major markets such as the United States and US President Joe Biden plans to add an additional $ 1.9 trillion to the economy, the so-called inflation-buying trade has been seen in recent days.
The dollar remained at a two-week low as traders watched the US economy grow more cautiously. At the moment Dollar Index It decreased by 0.15 units to 90.320.
The dark future for the price of gold
Kitco, citing falling ounce prices in the new range, believes downtrends are returning to the gold market.
Morgan Stanley (International Bank) has a downside view of the future of gold, which it believes will fall below $ 1,800 an ounce by the end of this year. This is while the price is currently trading between resistance around $ 1850 and $ 1800 per ounce.
Andrew Sheetz, chief executive of international strategist Morgan Stanley, said in a recent report that although expected Inflation Increase in 2021, but to support gold price It will not be enough.
“Economists at Morgan Stanley predict that US inflation will increase by just over 2% over the next two years,” he said. “So this inflation does not seem to be an escape scenario for gold.”
Weak inflation, coupled with an improved economic outlook, continues to weigh heavily on gold prices, the bank said.
According to Market Plus, gold suffered minor losses at the beginning of the week. The yellow metal still appears to be vulnerable to a downtrend, although despite several attempts to break the 1800 point, it has been able to withstand a good deal. It reached $ 1818.
Oil prices enter the $ 60 level
West Texas Intermediate rose above $ 60, according to Market Plus. As oil prices rise again, West Texas Intermediate reached above $ 60 today for the first time in more than a year. Optimism about the future of oil and keeping production low in the first place will increase Oil prices On the other hand, it seems that the colder air in the world has added another stimulus to oil.
Brent crude is currently up 1.36 percent, or $ 0.85, at $ 63.28 a barrel. West Texas Intermediate crude traded up 1.11 percent, or $ 0.66, at $ 60.13.
Bitcoin broke new records
According to CNBC, the price of Bitcoin reached a record high of approximately $ 50,000 on Sunday, as large companies Fortune 500 welcomed the support of digital currencies.
According to the industry website CoinDesk, the world’s largest cryptocurrency rose more than 5% to its highest price of $ 49,716. But on Monday, the price of bitcoin and digital assets reversed and fell 2.4% in the last 24 hours and sold at a price of about $ 47,925. Currently, the price of each bitcoin is $ 48,711. Some describe yesterday’s event as a reversal of the trend. In this view, the future of bitcoin is bullish as its acceptance in global markets increases. Apparently, the Morgan Stanley Institute is preparing to buy digital currency for customers by following some rules and registering. This brings Bitcoin one step closer to its goal. Assets in the class on Wall Street.
It was expected that the price increase on Valentine’s Day would continue due to the news of the heated Bitcoin debate between large companies such as Tesla, MasterCard and BNY Mellon, but this did not happen. The price of Bitcoin more than quadrupled in 2020 and from It has increased by more than 60% since the beginning of this year.