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OPEC+ stalemate, China’s probe into Didi and Gold Prices (Money FM)
Jul 9, 2021
As commodities prices increase amid the ongoing global recovery , what does the current OPEC+ stalemate mean for oil prices?
Previous clampdowns were mostly focused on anti-monopoly and financial technology regulation, which led to the suspension of Ant Group’s $34.5 billon listing and Alibaba’s $2.8 billion antitrust fine. With Didi, the focus is now on cybersecurity. Why all these scrutiny?
We also discussed about gold prices, which witnessed a roller coaster ride. After surging to over US$2,060/oz in August 2020, above the psychological resistance level of US$2,000/oz, on the back of the uncertainties created by the pandemic. Prices started to trend down to hit a low of US$1,680 as the focus shifted to other riskier asset classes on expectations that the worst was over for the global economy, especially with the successful development of a COVID-19 vaccine.
To ascertain the future prices of gold, David looks at some of the main reasons driving the prices and whether these reasons still exist?