Investors are still assessing developments for the commodity market following the change in volatile market sentiment this week.
The crude oil market again showed a recovery on Tuesday after a sharp drop earlier in the week weighed down by expectations of a decline in crude oil demand due to Omicron’s contagion risk.
Those factors have also given rise to the Canadian dollar which is sensitive to the crude oil market.
However, the devaluation situation did not continue yesterday with the recovery assessed on current market sentiment.
Even so, investors remain wary of the situation where more labor could befall the oil market as major economies have begun to consider movement restrictions to curb the spread of the virus ahead of the approaching Christmas holidays.
Omicron contagion is increasing to Europe, the United States and Asia including Japan.
Gold commodities on Wednesday moved slowly after a ‘break’ from the fall displayed yesterday when it failed to break the $ 1,800 resistance level.
Recovering market sentiment as well as rebounding US treasury yields were factors to support gold prices from continuing to fall further.
Gold prices are currently hovering slowly below the $ 1,790 per ounce level as far as today’s European session.
