Slipping oil, gold dash bullish forecasts

Slipping oil, gold dash bullish forecasts

Prices of both crude benchmarks reversed to pre-invasion levels on Friday afternoon, defying predictions of market experts that some that the oil markets would see “apocalyptic” pricing

Bars of gold are piled up during a press conference at the German Federal Bank in Frankfurt am Main. Spot gold, which even was forecast to be crossing $2,000 and reaching $2,500, declined 0.9 per cent to $1,885.11 per ounce by 11:40am ET Friday, erasing most of its gains for the week. — AFP file photo

Published: Sun 27 Feb 2022, 7:02 PM

Two commodities — crude oil and gold — that are expected to rally in the wake of the Russian invasion of Ukraine had slipped back to pre-invasion levels, dashing predictions of a sustained surge.

Prices of both crude benchmarks reversed to pre-invasion levels on Friday afternoon, defying predictions of market experts that some that the oil markets would see “apocalyptic” pricing.

Similarly, prices of gold, dubbed “the bad news metal” or safe haven option for investors during times of conflicts and geopolitical crises, reversed course after scaling a 15-month high on Thursday as investors remained on edge while assessing the impact of Russia’s invasion of Ukraine and Western sanctions.

As Russia moved into Ukraine on Thursday