1. Gold Prices Rally Amid Global Trade Tensions
Gold prices rose on Monday as the U.S. dollar lost some ground amid renewed concerns over a global trade war. In response to the recent U.S. duties on imports of aluminium and steel, China imposed extra tariffs on U.S. products. Specifically, China imposed as much as 25 percent extra tariffs on 128 U.S. products including frozen pork, wine, fruit and nuts. Market uncertainty caused the dollar to tumble making the noble metal a cheaper and “safer” option for foreign investors who pushed prices 0.5% higher today, with spot gold last seen trading at $1,333.40 as of 6:45 GMT.*
2. A Drop In U.S. Drilling Activity Caused Oil Prices To Rise
Oil prices rose this morning, lifted by a drop in U.S. drilling activity as well as by expectations that the U.S. could re-introduce sanctions against Iran. Specifically, U.S. WTI crude futures (USOIL) were last seen trading at $65.23 a barrel as of 6:45 GMT, up by 29 cents from their previous settlement. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total count down to 797, marking the first time in three weeks that the rig-count fell.**
3. Tesla To Update Q1 Deliveries. How Will The Stock Be Affected?
EV automaker, Tesla (TSLA) will update on Q1 deliveries sometime in the first few days of April in a move that is expected to have a significant impact on the company’s stock price. Current expectations point to around 20K to 24K Model S and Model X deliveries combined, and depending on the final week push, anywhere between 8K and 9K Model 3 deliveries. If Tesla’s stated production run rate at the end of the quarter is more than +2K, it would be considered a victory for the automaker and could cause stock prices to rise.***
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***Source: Seeking Alpha