Gold dips on profit taking amid lack of triggers

Gold dips as market awaits triggers: Gold prices surged higher to US$1,240/oz on Thursday. Despite lack of triggers, the yellow metal rose by 2%. Support came in the form of weaker equities, which had rallied for three straight days. Profit taking, however, emerged late on Thursday and into Friday morning.

Oil rally halted by inventory data: Oil prices rose for most of the day but fell after inventory data showed an increase of 2.1mnbbl. Participants reacted as crude stocks have now reached record levels. In related news, Iraq’s oil minister said that OPEC and non-OPEC members would continue to talk to restore normal prices. However, there have been suggestions that Iran would not agree to a production freeze so that it may return production to pre-sanction levels.