CM: Gold softer, oil firmer on improved market sentiment
FXstreet.com (Córdoba) - Risk appetite improved on Wednesday boosting demand for riskier assets like oil and stocks in detriment of safe-havens like gold after a German court rejected a legal challenge to the bailouts of indebted eurozone economies.
The yellow metal continues to back away its record high set on Tuesday above $1,920 an ounce, having dropped more than $100 within the last 24 hours amid profit-taking to currently trade around $1,820 an ounce, 2.82% below its Wednesday's opening price.
Crude oil New York for October delivery in rose 1.69% to $87.89 a barrel, its highest price in 3 days and holds barely below that level. Brent crude rose to $114 per barrel and at time of writing it is at $113.75 where it records a 0.55% gain on the day.
Asian and European equities posted strong gains, while US stock futures pointed to a positive open on Wall Street.
