Oil prices fall on recession jitters
Oil prices were set to post their longest losing streak of the year, headed towards their third straight weekly drop as worries of the economy tipping into a recession weighed.
The Organization of Petroleum Exporting Countries and its allies ratified an oil-production increase this week, completing the rebound in supplies halted during the pandemic.
The cartel however, left questions about September’s move unanswered, raising uncertainties about prices.
Meanwhile, India slapped export duties on petrol, diesel and exports on Friday to help sustain domestic fuel supplies. The country imposed a windfall tax on oil producers.
India’s Finance Minister Nirmala Sitharaman said, “these are extraordinary times, oil prices internationally are unbridled,” and also added that the government will review its decision on the duty increase every 15 day.
Gold drops below $1,800 on stronger dollar, hike in bullion import duty in India
Gold prices dipped below the psychological threshold of $1,800 on Friday, and were headed for the third straight week of losses on a stronger dollar and with India raising its import tax on bullion to restrict inflow.
India, in a surprise move hiked its import tax on gold as the country aims to curb its ballooning trade gap. The Indian Rupee hit a fresh record low today.
The world’s second-largest consumer hiked import duty on gold to 12.5 percent from 7.5 percent. The country considers the metal a store of value and relies primarily on imports to meet its demands.
India’s Finance minister also said India doesn’t produce much gold and as a result import of the yellow metal will become expensive.
Weighing on greenback-priced gold’s appeal, the dollar firmed towards recent two-decade peaks.
