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Cost of gold per ounce holds near $1,760 per troy ounce

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cost of gold today

The cost of gold per ounce on Wednesday morning was slightly below $1,760; an ounce, traders continue to wait for signals from the U.S. Federal Reserve (Fed), trading data shows. 

The price of December gold futures on the Comex New York exchange was down $2.1, or 0.12%, to $1,759.1 a troy ounce. September silver futures went down by 0.34% to $18,962 an ounce.

Gold today halted last week’s decline from more than $1,800 and settled at $1,750 to $1,760 in anticipation of Fed Chairman Jerome Powell’s speech at the Jackson Hole conference. Markets are expecting to get hints from the head of the regulator on further monetary policy, as well as an assessment on the economic situation and outlook.

Senior economist at Goldman Sachs Group Inc. Jan Hatzius, quoted by Bloomberg agency, expects Powell to speak out in favor of a slower rate hike.

According to the CME Group, analysts expect with equal probability a 50 basis point and 75 basis point rate hike at the central bank meeting in September. The increase could be the fifth in a row amid high U.S. inflation. Gold is sensitive to signals from the Fed, as this is reflected in the dollar, which in turn affects the value of the precious metal.

Earlier we reported that the price of copper was going down on the strengthening dollar. 

Commodities

Bloomberg: UAE to boost oil production beyond plan by 2025

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UAE to boost oil production

UAE to boost oil production. One of Russia’s main competitors for oil exports plans to reach five million barrels per day by 2025. The Middle Eastern country was initially expected to reach this level only by 2030, Bloomberg reported, citing sources.

“Energy concern Abu Dhabi National Oil Co. (Adnoc), which produces almost all of the UAE’s oil, wants to be able to produce 5 million barrels a day by 2025. The company planned to reach such a level only by 2030,” – says the material.

But a crude oil production boost will be difficult without additional financing for expenses for the project. Adnoc explained the acceleration of production increase by the policy of the leading countries of the world on accelerated energy transition to renewable energy sources (RES).

“As we embrace the energy transition and focus our business on the future, we will continue to explore potential opportunities that can further add value, free up capital and improve profitability,” the Arab oil company said.

To realize the goal, Adnoc has asked international companies that are partners in its oil fields to increase long-term crude production by 10% or more, sources said. In the case of positive results of the negotiations, the UAE will be able to significantly increase the volume of oil production by 2025, concludes Bloomberg.

On September 19, the Times of India, citing sources in the Indian Ministry of Commerce, reported that the Asian country has saved since February 2022, $439.7 million on imports from Russia of oil at a discount. A total of about 62.5 million barrels of Russian crude were purchased by Indian state and private companies over the last six months. Moreover, volumes of imports have increased many times over as compared to 2021.

Earlier, we reported that Nigeria stopped benefiting from the sale of Nigerian oil due to the lack of dollars.

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FT: Nigeria stopped benefiting from Nigeria crude oil sales due to lack of dollars

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Nigeria’s crude oil sales used to grow steadily. But now the country, which is considered one of the world’s largest oil exporters, is facing a crisis. The country is short of dollars, and the factor of “massive theft” has only exacerbated the problems of the African state, reports the Financial Times.

“Since the beginning of the year, Nigeria’s foreign exchange reserves have fallen by 5%, to $38 billion. Restrictions on the purchase of dollars and the resulting deficit has led to the emergence of a black currency market. $1 is worth 420 naira at the official exchange rate and 700 naira on the black market,” the paper said.

Because of increasing corruption in the country, Nigeria, the world’s tenth largest oil exporter, can no longer increase production of crude oil. Nigerian crude oil buyers are not happy with this fact. The African state exports a little more than half of the established OPEC quota – 1.1 million barrels per day, instead of the required 1.8 million.

Despite all the difficulties going on in Nigeria’s economy, Timipre Silva, the African country’s Minister of State for Petroleum, announced plans to increase liquefied natural gas (LNG) exports to Europe by the coming winter. According to him, to realize this goal, it is necessary to improve safety in Nigeria’s fields and infrastructure.

Earlier we reported that coffee stocks in Brazil in six months will approach a record low level

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Coffee exporters in Brazil: coffee stocks in Brazil in six months will approach a record low level

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coffee exporters in Brazil

Coffee exporters in Brazil said that coffee stocks in the largest coffee-producing country in the world – Brazil – in six months will fall to a record low level. This was written by Bloomberg agency about the statement of the president of the National Council of Brazilian Coffee Silas Brasileiro.

According to his forecast, stocks of coffee in Brazil’s coffee supply companies by March will drop to 7 million bags, whereas analysts consider a comfortable level of 9-12 million bags of 60 kg each.

Cecafe Exporters Group board member Nelson Carvallaish said the country’s coffee stocks are so small that even if next year’s crop is good, Brazil will barely have enough coffee to meet demand.” “We just need rain,” he concluded.

In August, The Wall Street Journal wrote that the price of coffee could rise seriously by the end of 2022 because of Brazil’s poor harvest. 

Earlier we reported that aluminum production in China in August reached a record 3.51 million tons.



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