The fears of the renewed war in the Gaza Strip between Israel and the Palestinian resistance, as well as commercial developments due to the fees of US President Donald Trump, the successive customs of In reducing interest.
gold
Gold prices fell today, Wednesday, after their rise to the highest level ever in the previous session, after it strengthened the comments of the President of the Federal Reserve (the US Central Bank) Jerome Powell, who tends to cash stresses the expectations of slowing interest rates this year, while investors are awaiting the US inflation report .
Gold decreased in instant transactions 0.2% to $ 2893.3 an ounce after it climbed to a record level at $ 2942.70 on Tuesday.
US gold futures fell 0.6% to $ 2915.40.
Powell said on Tuesday that the economy is generally strong and that the central bank is not in a hurry to reduce the interest rate again, but he is ready to do so if the inflation decreases or the weakness of the labor market is weak.
Gold represents a hedge against inflation, but the high interest rates weaken the attractions of the yellow metal that does not generate return.
“There is an element that is to reap profits from gold after reaching its highest levels ever and before the next batch of inflation data in the United States, which constitutes an event that may be fraught with risks for the precious metal,” said Tim Water, a market analyst at KCM .
“The bullish trend (of gold) remains the same due to the blurry surrounding customs duties and flows on the resulting safe haven, which may continue to support the precious metal.”
As for other precious metals:
- Silver in immediate transactions fell 0.14% at $ 31.77 an ounce.
- Platinum fell 0.4% to 983.77 dollars.
- Palladium lost its gains and decreased 0.27% to 975.08 dollars.
Oil
Oil prices fell today after a report in the US crude stocks showed, while concerns about customs duties pressed the morale, and this dispelled gains achieved by prices over 3 days driven by increasing tension in the Middle East and tightening sanctions.
Brent crude futures decreased 74 cents, or 0.96% to $ 76.25 a barrel, while US West Texas Intermediate crude futures fell 81 cents, or 1.13% to $ 72.50 a barrel, at the time of this report.
The decline ended a 3 -day price gain, and Brent crude increased 3.6% and the rise of American crude 3.7%.
Sources quoted from the US Petroleum Institute data yesterday that crude oil stocks in the United States are the largest oil producer and consumer in the world, increasing 9.4 million barrels in the week ending the seventh of February.
The sources also said that the data of the American Petroleum Institute showed a decrease in gasoline stocks 2.51 million barrels and the decline in the distillation of the distillation of 590 thousand barrels.
The US Energy Information Administration data is scheduled to be released later today, Wednesday.
Prices also decreased due to fears that Washington’s imposition will make customs duties or threatening to impose it to reduce global economic growth and energy demand.
But the tension in the market over the supplies limit the losses, and it caused two separate warnings from Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump that the ceasefire in Gaza will end if the Palestinian Islamic Resistance Movement (Hamas) did not release the Israeli prisoners on Saturday; The ghost renewed war, which may destabilize the Middle East, a major oil production region.
The tension contributed to the increase in oil prices by more than 1% yesterday, Tuesday, as well as the US sanctions that disrupt Russian oil flows to China and India and the “maximum pressure” campaign launched by Trump on Iranian oil.
Currency
A slightly stopped wave of rise in the dollar was paid by customs duties amid the anticipation of customers of American inflation data and news related to commercial policies in general.
In Asian trading, the dollar rose 0.7% to 153.56 yen to exceed its average moves during the previous 200 days, but it witnessed a limited decrease against other currencies and recorded the level of $ 1.0367 for the euro.
In a testimony before Congress, the President of the Federal Reserve (the US Central Bank) grabbed Jerome Powell to the point of view that tends to be careful in reducing interest rates, which prompted the returns of US Treasury bonds for 10 years to rise by about 4 basis points.
Consumer price index data is scheduled to be issued in the United States today, and Economists expect Reuters that Reuters expect the opinions of the basic inflation of consumer prices slightly to 0.3% in January.
And the flesh of the pound sterling, which rose about 0.7% yesterday, Tuesday, about $ 1.2441 in Asian dealings, and the Australian dollar recorded marginal gains later lost and 0.23% fell to 0.6278 against the US dollar.
The European Union, Mexico and Canada condemned the decision of US President Donald Trump to impose customs duties by 25% on steel and aluminum imports, and European Commission President Ursula von der Line said the European Union would take counter measures.
Investors assume that the impact of US customs duties is positive on the dollar by reshaping trade flows and encouraging other countries to weaken their currencies to compensate for taxes.
But analysts say that the consequences of inflation are less clear and it is difficult to say with certainty how the consequences of customs duties and counter -procedures will be revealed, which prompted investors who prefer bet on the dollar to be careful.
The Canadian dollar fell, losing its gains at $ 1.4308, in the latest transactions after ascending in early transactions, as a White House official said that the customs duties on the steel will be added to a tax by 25% that Mexico and Canada were threatened to impose.
The Mexican Bezo and other currencies of emerging markets remained under pressure near the low levels it recorded recently.
Source : CNBC + Websites + Agencies
