Gold prices decreased for the second consecutive session, today, Wednesday, affected by the rise in the dollar and the appearance of indicators of the intensity of trade tension between the United States and China, while investors are awaiting American economic statements.
Gold fell in instant transactions 0.83% to $ 3290 an ounce, in the latest transactions, and the yellow metal is heading to record gains for the fourth month in a row, up 5.1% since the beginning of next April.
US gold futures fell 1.46% to $ 3285.
“The market is currently witnessing great fluctuations amid a state of competition between the sales and purchase movements. In short, it seems that gold may enter into a period of cohesion deservedly deserved,” said independent analyst Ross Norman.
The dollar index rose 0.07% against a basket of currencies, making gold more expensive for buyers other currencies.
“Gold prices tend to land in the most stable conditions, and the market is evaluating what seemed to decline in the US -led trade war, which rocked the financial markets in the past few weeks,” Kennisie Mona Market Analyst, Frank Watson said in a note.
He added, “However, the limitations for gold indicates that financial markets are still concerned and in a hazy state over American commercial policies and their final impact on the broader global economy.”
Yesterday, Tuesday, US President Donald Trump signed two things to alleviate his customs fees on cars, through a mixture of credit facilities and exemptions from fees on other materials.
Gold, a safe haven at the time of political and financial turmoil, rose to an unprecedented level of $ 3500.05 an ounce on April 22 due to the state of global economic blurring.
Investors are awaiting economic data, including personal consumption expenses in the United States scheduled to be released later in the day, and non -agricultural job report on Friday, to assess the impact of the latest customs duties on interest rate expectations.
As for other precious metals, its performance was as follows:
- Silver in instant transactions decreased by 1.93% to $ 32.29 an ounce.
- Platinum fell 1.14% to 970.85 dollars.
- Palladium fell 1.26% to 928.09 dollars.
Oil
Oil prices continued to decline today, Wednesday, and are heading to record the largest monthly decline in more than 3 and a half years as a result of the decline in demand for fuel demand due to the global trade war, while fears of increasing the supply also affected prices.
Brent crude futures fell 1.17% to $ 62.2 a barrel, and US West Texas Intermediate crude futures fell 1.8% to $ 59.4 a barrel.
Brent crude decreased 15.4%, and West Texas Intermediate crude decreased 17% so far this month, which is the largest decline in centenary since November 2021.
Both the two records decreased after the US President announced on April 2 to impose customs duties on all imports of the United States, and their decline increased until they reached their lowest levels in 4 years with China responding to the imposition of customs duties on imports from the United States, which sparked a trade war between the two largest oil consumers.
A Reuters poll showed that Trump’s customs duties on imports to the United States have increased the possibility of the global economy slipping this year.
A survey published its results today showed that the activity of factories in China was shrinking in April 16 months.
Data revealed on Tuesday that the confidence of American consumers fell to its lowest level in almost 5 years in April, as a result of increasing concerns about customs duties.
Although investor fears calmed down somewhat after the two things that Trump signed on Tuesday to alleviate customs duties on cars, oil prices were also affected by the fears of increasing the supply of the OPEC Plus alliance.
Sources told Reuters last week that a number of OPEC Plus will suggest increasing production for the second month in a row next June, and the group is scheduled to hold a meeting on May 5 to discuss production plans.
“The very realistic possibility is that the OPEC Plus alliance continues to pump more oil in the market as part of its efforts to maintain the system inside it, in addition to the diplomatic efforts related to Ukraine and Iran, which if it succeeds will mean charging more international crude oil at a time when the trade war will eliminate any hope in the growth growth.”
Sources in the market said on Tuesday, quoting the data of the American Petroleum Institute, that US crude oil stocks rose 3.8 million barrels last week.
US government data about stocks at 14:30 GMT will be released today, and analysts, Reuters, expect their opinions an increase of 400,000 barrels in US crude oil stocks last week.
Source : Reuters + CNBC + Websites
