Crude oil prices edged up on Friday boosted by stronger than expected U.S. economic data though the longer-term outlook for energy markets remains weak due to a global oil supply glut and uncertainty over economic growth prospects in Asia.
The Comex gold futures rose 1.70% last week when the Chinese Renminbi depreciated unexpectedly on Aug. 11. This week, the gold futures rose 0.38% and ended at $1,116.60 per ounce on Tuesday. In contrast, the Dollar Index dropped 1.07% to $96.52 and the crude oil futures plunged 3.12% to $42.50 per barrel last week.
The U.S. Comex gold futures has declined 1.21% this week to $1,143.90 and has fallen 2.38% month-to-date. This week, the S&P 500 Index has risen 2.31% and the Euro Stoxx 50 Index has surged 4.21% while the crude oil futures have declined 3.47%.
The U.S. Comex gold futures fell 0.48% last week and dropped a further 0.38% this week to $1,153.50 on Tuesday. The implied volatility of the gold futures has been falling from 21% in January to 11.5% currently in line with the decline in prices.