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Gold Price and Oil Price: Gold Price: $ 1,900 Backed Up Thanks to Fed Statements | news

by Jrg Bernhard

For example, Powell ruled out large and aggressive rate hikes to curb inflation for the rest of the year. For the first time in 22 years, an interest rate hike of 50 basis points was announced yesterday Wednesday, but due to the subsequent weakness of the dollar and falling US yields, the failing currency has begun to recover. meaningfully. At the press conference, Powell ruled out a 75 basis point hike. It will now be interesting to see how the players react to the forthcoming US labor market data. The Challenger report on job cuts and initial weekly jobless claims are on the agenda today, Thursday. The US Department of Labor’s April update will follow tomorrow. According to a survey of analysts published by Trading Economics, the unemployment rate would have dropped from 3.6 to 3.5 percent and the number of new jobs would have dropped from 431,000 to 391,000.

On Thursday morning, the price of gold presented itself with rising prices. At around 8:00 (CEST), the most actively traded gold futures (June) had risen by 31.90 to $ 1,907.00 per troy ounce.

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Rohl: Still strong after the price rally

The announced EU import ban on Russian crude oil weighed more heavily on markets than the demand concerns related to the crown in China, the country of the world’s largest oil importer and second largest oil consumer. The sixth package of European sanctions also includes the Swift ban of Sberbank, the country’s main bank. Furthermore, in the future, European companies will not be able to offer services related to the transportation of Russian oil. Now the 27 EU governments must approve the package so that the embargo can come into force in six months (for crude oil) or at the end of the year (refined products).

Oil prices were higher on Thursday morning. At around 8:00 am ET, the later dated WTI future was up 0.74 to $ 108.55, while its Brent counterpart was up 0.89 to $ 111.03.

Financeen.net editorial staff

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