Commodities
Gold futures analysis: goes up in price after statistics from the U.S.
There is an interesting situation on the gold futures chart today. Gold prices are rising Thursday evening, investors paid attention to data on a decline in U.S. GDP for the second quarter in a row, according to trading data.
We bring to your attention gold futures analysis. The price of August gold futures on the New York Comex Exchange rose $32.6, or 1.9%, to $1,751.7 a troy ounce. September silver futures went up 6.44% to $19,797 an ounce.
Traders paid attention to the unexpected data on the U.S. economy’s decline in the second quarter. According to the Department of Commerce, according to the first estimate, the index fell by 0.9% on an annualized basis (if GDP had been growing at the same rate for four straight quarters) after a 1.6% decline in the first quarter, though a 0.5% growth was expected. Such statistics increased fears of a possible recession, which supported the demand for traditionally more reliable gold.
Gold futures august 2022 have good forecasts. Markets continue to pay attention to the outcome of the U.S. Federal Reserve System (Fed) meeting. On Wednesday, the U.S. Federal Reserve expectedly raised its key rate by 75 basis points, to 2.25-2.5% per annum. The regulator noted that a further increase in the target rate range would be appropriate.
At the same time, investors paid attention to the comments of the Head of The Regulator, Jerome Powell, on the results of the meeting. Powell noted that the Fed’s rate decisions would depend on incoming economic data, which strengthened markets’ expectations for a weaker hike in September.
“Because of Powell’s comments, we can expect the Fed to start to turn toward slower hikes,” MarketWatch quoted TDSecurities Head of Commodity Strategy Daniel Ghali as saying. The regulator raised rates by 25 basis points in March, 50 basis points in May and 75 basis points in June and July.
A trader who has a position in gold futures today has a chance to earn good money, if he correctly analyzes the market situation.
(Reuters) – Goldman Sachs adjusted its expectations for OPEC+ oil production saying it now expects three months of production increases starting from December instead of October, the bank said in a note on Friday.
OPEC+ has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday after crude prices hit their lowest in nine months, adding it could further pause or reverse the hikes if needed.
However Goldman Sachs maintained its range of $70-85 per barrel and a December 2025 Brent forecast at $74 per barrel.
The investment bank expects the effects of a modest reduction in OPEC+ supply in the upcoming months to be counterbalanced by easing effects from the current softness in China’s demand and faster-than-expected recovery of Libya’s supply.
“We still see the risks to our $70-85 range as skewed to the downside given high spare capacity, and downside risks to demand from weakness in China and potential trade tensions,” Goldman Sachs said.
Brent crude futures were down $1.63, or 2.24%, to $71.06 a barrel on Friday, their lowest level since December 2021. U.S. West Texas Intermediate crude futures fell $1.48 on Friday, or 2.14%, to $67.67, their lowest since June 2023. [O/R]
Investing.com — Oil prices settled lower Friday, ending the week with a loss as weaker U.S. nonfarm payrolls stoked concerns about an economic-led slowdown in crude demand.
At 2:30 p.m. ET (1430 GMT), the futures (WTI) traded fell 2.1% to settle at $67.67 a barrel, while contract fell 2.2% to $71.06 per barrel.
U.S. economic slowdown worries resurface after weak jobs report
The US economy added fewer jobs than anticipated in August, but rose from a sharply revised July figure, according to Labor Department data that could factor into the Federal Reserve’s next policy decisions.
Nonfarm payrolls came in at 142,000 last month, up from a downwardly-revised mark of 89,000 in July. Economists had called for a reading of 164,000, up from the initial July mark of 114,000.
Following the release, bets that the Fed will introduce a deeper 50 basis-point rate cut — rather than a shallower 25 basis-point reduction — increased.
Concerns about the demand come just a day after OPEC+ said it had agreed to postpone a planned increase in oil production for October and November.
U.S., Europe working on Iran sanctions
Geopolitical tensions ratcheted up on Friday after the U.S. and Europe they were working on sanctions to impose on Iran after the Tehran sent missiles to Russia.
The U.S. had previously warned Iran about transferring missiles to Russia, saying it would represent a major escalation in Iran’s support of Russia’s war against Ukraine.
Investing.com — Oil prices settled lower Friday, ending the week with a loss as weaker U.S. nonfarm payrolls stoked concerns about an economic-led slowdown in crude demand.
At 2:30 p.m. ET (1430 GMT), the futures (WTI) traded fell 2.1% to settle at $67.67 a barrel, while contract fell 2.2% to $71.06 per barrel.
U.S. economic slowdown worries resurface after weak jobs report
The US economy added fewer jobs than anticipated in August, but rose from a sharply revised July figure, according to Labor Department data that could factor into the Federal Reserve’s next policy decisions.
Nonfarm payrolls came in at 142,000 last month, up from a downwardly-revised mark of 89,000 in July. Economists had called for a reading of 164,000, up from the initial July mark of 114,000.
Following the release, bets that the Fed will introduce a deeper 50 basis-point rate cut — rather than a shallower 25 basis-point reduction — increased.
Concerns about the demand come just a day after OPEC+ said it had agreed to postpone a planned increase in oil production for October and November.
U.S., Europe working on Iran sanctions
Geopolitical tensions ratcheted up on Friday after the U.S. and Europe they were working on sanctions to impose on Iran after the Tehran sent missiles to Russia.
The U.S. had previously warned Iran about transferring missiles to Russia, saying it would represent a major escalation in Iran’s support of Russia’s war against Ukraine.
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