Crude oil prices dropped by -0.75% yesterday, finishing at 6771, under pressure from a stronger dollar and investor expectations for the release of new U.S. inflation data soon. Notwithstanding this downturn, worries about disruptions to the oil supply persisted due to geopolitical tensions in the Middle East, specifically Israeli incursions into Gaza and worries about…
As a result of in-line inflation figures and a strengthening dollar amid ongoing geopolitical tensions, oil prices ended a two-week losing run on Friday by closing higher. Futures for Brent oil increased by 0.3% to $89.85 per barrel, while West Texas Intermediate oil increased by 0.4% to $89.38 per barrel. By projections, PCE inflation increases….
Zinc prices saw a small increase of 0.33% yesterday, closing at 243.5, driven by increased optimism in the world manufacturing sector amid signs that the manufacturing downturn may have peaked. The U.S. inflation statistics exceeded estimates for March, which delayed the expected date of a first-rate decrease from June to September, further supporting this optimistic…
Silver prices surged 1.25% to 81875, overcoming rising U.S. Treasury yields fueled by positive Nonfarm Payrolls (NFP) statistics and undermining hopes of a Federal Reserve rate decrease in June. The total amount of silver ETF holdings this year has increased by 3% as a result of the significant inflows that investors have made into ETFs…
Silver closed yesterday at 73467, a noteworthy increase of 1.65%, demonstrating a good performance. Expectations of a possible June rate cut propelled this upward movement, especially in light of data showing a slowdown in U.S. manufacturing activity and a drop in consumer sentiment in February. The U.S. inflation rate meeting forecasts and the deflationary trends…
Following a brief decline the previous day, oil prices increased on Thursday as traders’ attention returned to the prospect of a limited supply of crude for the remainder of 2023. International benchmark Brent futures increased 17 cents to $92.05 a barrel, while West Texas Intermediate crude (WTI) increased 19 cents to $88.71. The International Energy…
After traders processed Friday’s jobs news, the U.S. dollar and Treasury yields rose. This week’s U.S. inflation data will now be the focus, and gold yesterday finished down -0.18% at 59420. According to reports, the U.S. economy added fewer jobs than anticipated in July, but strong pay growth and a drop in the unemployment rate…
Following additional indications that U.S. inflation was slowing, gold prices increased for a fourth straight session on Friday. Demand for the yellow metal as a safe haven was also supported by ongoing concerns about a 2023 recession. A day after data revealed that consumer price inflation also decreased, information released on Thursday revealed that the…
While investors anticipated this week’s U.S. inflation statistics for clues on the Federal Reserve’s interest rate hike path, gold prices inched lower on Monday in the international markets as the dollar strengthened. At $1,861.76 per ounce, spot gold was down 0.2 percent. The price of U.S. gold futures fell by 0.1 percent to $1,872.40. On…
On Monday, gold prices declined marginally below important levels as caution set in ahead of crucial U.S. inflation data and a Federal Reserve meeting this week. Copper prices also suffered from uncertainties related to the rise in COVID-19 cases in China. The statistics released last week showed that U.S. producer price inflation continued to decline…
