Gold hits new high while Oil prices slump

Chris Beauchamp IG

Losses for oil contrast with a fresh surge in gold this afternoon, while Netflix’s earnings continue to bolster the overall market mood, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Netflix earnings give stocks reason to cheer

“When all else fails, tech earnings can usually be relied upon to deliver good news. Somehow, Netflix continues to find new subscribers, and while the pace of new subscriber growth has slowed markedly, it still beat expectations, which is of course the most important thing in earnings reports. While the Dow is struggling, the Nasdaq and S&P 500 are up again, although the latter remains shy of yesterday’s fresh record.”

Oil prices reverse course

“Oil came into Friday’s session looking like it was prepared to form a low after recent losses but the sellers took the opportunity to hit the commodity hard, driving it to a fresh two-week low. It was a different story for gold, which has hit yet another record high, driven by continued geopolitical worries, central bank buying and falling interest rates. 2024 continues to be a banner year for gold bugs, with no sign of the gains being reversed yet.”

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Chris Beauchamp

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