The Fed hiked rates by 50 basis points. But Chair Jerome Powell’s comments briefly ignited a sharp rally across markets after saying that Fed wasn’t considering raising rates by 75 basis points in the near future. Assets rallied across the board on Wednesday after Powell’s comments; downplaying the likelihood of …
Read More »Baker Hughes: More US oil rigs for seventh week in a row
US energy firms last week added oil and natural gas rigs for a seventh week in a row amid high prices and prodding by the government, although most shale producers were prioritizing shareholder returns over new spending on production.The oil and gas rig count, an early indicator of future output, …
Read More »Gold Records Minimal Gains Around $1885
The precious metal prepares to finish the week with losses near 0.60% as high US Treasury yields, led by the 10-year, around 3.12%, keep gold prices under pressure. Gold persists downward pressured, and it seems that it would finish the week with losses of around 0.60%, extending its fall from …
Read More »Oil rises as supply concerns persist
Oil prices rose for the third consecutive session on Friday, shrugging off concerns about global economic growth as looming European Union sanctions on Russian oil raised the possibility of a supply shortage. Brent crude futures rose $2.08, or 1.88%, to $112.98 a barrel by 0922 GMT, while US West Texas …
Read More »Gold falls as the dollar rises
Gold prices fell on Friday and appeared to be poised for a third consecutive weekly loss as the dollar and Treasury yields rose after the Federal Reserve’s strong stance, while investors awaited US jobs data due on Friday. Spot gold fell 0.2 percent to $1,873.75 an ounce by 0742 GMT, …
Read More »Market Drivers – US Session – Thurs. 5 May
The US will release its April employment figures on Friday, May 6. The NFP report is expected to show that the economy added 391K new jobs, below the previous 431K but still a good figure. The unemployment rate is expected to have contracted to 3.5% from 3.6% in the previous …
Read More »Europe’s endeavors to replace Russian gas faces obstacles
Russian natural-gas supplies have increasingly become a tool of pressure in the conflict between Moscow and Europe over Ukraine while Europe still relies on Russia for 40 percent of the gas that warms and lights its homes and businesses.The confrontation Russo-European conflict has also ignited a stubborn challenge for the …
Read More »Gold’s destiny in x USD bulls’ hands, NFP data
At $1,875, the gold price has been pressured and is trading not far from the lows of the day down at $1,872.54, losing some 0.34%. Gold fell from a high of $1,909.82 as the US dollar rebounded on Thursday, moving in on the 20-year highs reached last week, as per …
Read More »What Could Assets Expect From Friday’s NFP Data?
A few hours after the NFP release on Friday, gold investors could look to book profits toward the London fix, causing important assets, such as gold, to reverse direction after the initial reaction. Moreover, FOMC policymakers have clarified that they will focus on taming hot inflation, so they seem not …
Read More »Gold Retreats On Risk Aversion
Gold has extended its losses below solid resistance around $1890. The Gold Index is recording losses during the North American session, retreating from daily highs around $1909.66, amid a risk-off market sentiment.Two central banks expressed worries about China, while the Bank of England foresees a GDP contraction on 2023 for …
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