Raw materials in this article
by Jrg Bernhard
At 3:30 pm it will be clear whether the world’s most powerful central banker will speak more “hawkish” than expected or if he will adopt a calmer tone. Futures Market Participant CME Group’s FedWatch Tool Currently Shows Nearly 96 Percent Chance That We Will Have Another XXLrate increase about 75 basis points. The remainder indicates a rate increase of 50 basis points. The price of gold currently suffers from falling risk aversion, a strong dollar and high US yields, especially for short maturities.
On Wednesday morning, the price of gold presented itself with falling prices. At around 8:15 (CEST), the most actively traded gold futures (August) fell 13.00 to $ 1,825.80 per troy ounce.
Rohl: The fall in prices was politically caused
As US President Joe Biden wants to meet with seven major oil companies tomorrow Thursday to get gasoline prices cut, there has been a violent sell-off in international markets. Oil companies, which are currently making record profits, are accused by both sides of the Atlantic of enriching themselves from the energy crisis. The American Petroleum Institute’s weekly report, scheduled to release at 10:30 pm and could have a significant impact on the course of tomorrow’s trading day, should now attract more attention. According to a survey of analysts published by Trading Economics, stored oil reserves have decreased by 1.43 million barrels and gasoline inventories by 600,000 barrels.
On Wednesday morning, the price of oil presented itself with prices falling sharply. At around 8:15 am ET, the closest WTI futures fell 4.55 to $ 104.97, while its Brent counterpart fell 4.35 to $ 110.30.
Financeen.net editorial staff
More news on the price of gold
Image sources: Eric Chiang / 123rf, TunedIn of Westend61 / Shutterstock.com