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Recently, the international gold and oil markets have shown a clear divergence, with gold prices soaring to over $4,300 per ounce, setting a new historical high, while WTI crude oil futures prices fell below $56 per barrel, reaching a new low for the year, resulting in a significant increase in the gold-oil ratio. Analysts believe that the rise in gold prices is influenced by expectations of interest rate cuts by the Federal Reserve, risk aversion sentiment, and weakening dollar credit; meanwhile, the decline in oil prices is due to oversupply and weakened demand. In the short term, gold prices may face profit-taking pressure, but in the long term, the situation of strong gold prices and weak oil prices is unlikely to fundamentally change
Saudi Arabia is pushing OPEC+ to increase production ahead of schedule to respond to falling oil prices and regain market share. Crude oil options trading activity has surged, with investors betting that Brent crude will fall below $60. The activity of $55 and $60 put options expiring in December has increased, with a total open interest of 120 million barrels. The market's willingness to protect against downside risks has strengthened, with WTI crude futures briefly falling below $62
