Gold prices rose 1% last week as economic data from the euro zone exacerbated fears of a global slowdown weighing on risk sentiment and putting gold on track for its best week in nearly 2-months.
Meanwhile, oil prices hit 4-month highs with US Oil breaching $60 per barrel before falling 2% on Friday, slipping further from 2019 highs as focus shifted to lack of progress in U.S. China trade talks and as weak manufacturing data from Germany and U.S. reignited fears of a slowdown in the global economy.
Hedge funds and money managers increased their bullish wagers in Comex gold last week and raised their net longs in U.S. crude futures and options positions as crude futures touched 4-month highs.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold, Silver, Platinum and Crude Oil with the latest price forecast and predictions:
