Market Update

Gold rose on Wednesday, thanks to optimism about the possibility of US lawmakers reaching an agreement on an aid package for those affected by Corona before the presidential elections, which weakened the dollar and strengthened the lure of the yellow metal as a hedge against inflation. Gold rose in the …

Data from the American Petroleum Institute showed, Tuesday, that crude oil inventories in the United States recorded an unexpected increase last week, while gasoline and distillate inventories declined. Crude inventories increased 584 thousand barrels in the week ending October 16, to reach about 490.6 million barrels, while analysts’ expectations indicated …

Wall Street rose on Tuesday, supported by recent remarks by the President of the United States, Donald Trump, and the Speaker of the House of Representatives, Nancy Pelosi, suggested that there could be a new stimulus package before the upcoming elections. The Dow Jones Industrial Average gained 113.37 points, or …

Oil prices rose on Tuesday, after recording earlier losses, to record its first rise after three consecutive declines. Brent crude futures for December delivery settled higher by 54 cents, or 1.3%, at $43.16 per barrel. Meanwhile, the US West Texas Intermediate (WTI) crude futures for December delivery gained 64 cents, …

The President of the Federal Reserve Bank of Chicago, Charles Evans, said on Tuesday that a new wave of COVID-19 might not affect the United States economy as previously estimated. Evans expects unemployment rate in the US will reach 5.5% by the end of 2021, Reuters reported. “I sort of …

Copper prices rose on Tuesday to a record high, supported by increased Chinese demand. Copper futures for December delivery went up by 6 cents, or 2%, and settled at $3.148 a pound. This is the highest closing level for copper futures since June 2018.

Gold prices rose on Tuesday for the second consecutive session, supported by the decline of the US Dollar (USD) across the board. Gold futures for December delivery closed higher by $3.70, or 0.2%, at $1,915.40 per ounce.

Sweden has banned telecommunication equipment from Huawei and ZTE in its 5G network, Reuters reported. The move comes in line with similar measurements by other European countries on security concerns. Back in July, the United Kingdom decided that all Chinese components in its 5G network will be removed by 2027.

The US Dollar (USD) declined on Tuesday amid increased concerns about the COVID-19 pandemic and uncertainty about the upcoming elections and a new economic stimulus package. The Dollar Index (DXY), which measures the performance of the USD against a basket of six major international currencies, is down by 0.41% at …

The British Pound (GBP) is declining against the US Dollar (USD) on Tuesday despite the later showing weakness across the board. This comes amid Brexit uncertainty and worries about the second wave of the Coronavirus (COVID-19) pandemic. The GBP/USD is trading lower for the day by 0.04% at 1.2943. The …