Gold prices extended gains on Thursday after the Federal Reserve indicated that the end of the monetary tightening cycle may be on the horizon. Gold in the spot market rose 0.4 percent to $1,976.80 an ounce by 0910 GMT, while US gold futures rose 1.5 percent to $1,979.20. The dollar …
Read More »Oil prices are falling as investors evaluate the US interest rate hike
Oil prices fell on Thursday, following three sessions of gains, after Federal Reserve Chairman Jerome Powell renewed his commitment to curbing inflation, including possibly raising interest rates again. And by 0009 GMT, Brent crude futures fell 80 cents, or 1 percent, to $ 75.89 a barrel, and West Texas Intermediate …
Read More »Less Hawkish Fed Pushes Silver, Gold , Copper Higher
Following the Fed’s less hawkish announcement of its 25 bp interest rate hike on Wednesday, the price of silver surges upward. The Federal Open Market Committee Announcement noted “some additional policy firming,” and the dot plot median indicated one more hike. As a result, the Fed’s decision was largely anticipated.Prior …
Read More »Gold’s surge favours any FOMC dovish signals to keep going
Gold is trading at $1946.97 at the time of writing. If the Fed pauses their rate hiking campaign – then they will lose any credibility they had left. However, if the Fed cuts rates – that will look like a panic move, which could spark a bigger crisis.Gold price reaction …
Read More »Forex: Dollar eases as investors weigh up outlook for Fed
Prior to the completion of the Federal Reserve’s policy meeting, when investors will be seeking for any indication of what could happen with interest rates given the upheaval in the banking sector, the dollar lingered at five-week lows on Wednesday. The most likely conclusion, according to the markets, is a …
Read More »Russia confirms the reduction of oil production by about 500 thousand barrels per day
Russian Deputy Prime Minister and Energy Minister Alexander Novak said, during press statements, today, Tuesday, that his country will continue to reduce crude oil production by about 500,000 barrels per day until the end of next June. The Russian minister added that his country is close to achieving its targets …
Read More »Gold is moving in a narrow range amid anticipation of the US interest rate decision
Gold prices moved in a narrow range on Wednesday, with some investors reluctant to trade pending the Federal Reserve’s decision on interest rates and a clearer picture regarding the future of monetary policy. Gold settled in spot transactions at $ 1940.11 an ounce by 0540 GMT, after falling 2 percent …
Read More »Oil falls after an unexpected increase in US crude inventories
Oil fell in early Asian trading on Wednesday, trimming its gains for two consecutive days after a report showed US crude inventories rose unexpectedly last week in a sign of possible weak demand for fuel. Brent crude futures fell 48 cents, or 0.6 percent, to $74.84 a barrel at 0203 …
Read More »Market Drivers – US Session 21/03/2023
Wall Street indexes rose sharply on Tuesday ahead of the Federal Reserve decision, led by shares of regional banks. First Republic stock rose 29%. The Dow Jones gained 0.98%, and the Nasdaq advanced 1.58%. Banking fears keep easing, paving the way for more tightening from central banks. US Treasury Secretary …
Read More »EIA: Long-Term Growth in US Petroleum Exports
With exports of petroleum products increasing between 2010 and 2022, the United States has emerged as a major energy supplier in the midst of Russia’s conflict in Ukraine, and the Energy Information Administration (EIA) anticipates this trend to continue.The average US petroleum product exports increased by 7% to 5.97 million …
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