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Gold futures analysis: goes up in price after statistics from the U.S.

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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. 

Commodities

Price of gold falls on expectations of further US Federal Reserve rate hike

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price of gold falls

Price of gold falls: the price of the precious metal on Monday morning slightly decreased on the prospects of further interest rate hikes by the U.S. Federal Reserve, according to trading data.

The December gold futures price on the New York Comex Exchange is down $2.75, or 0.15%, to $1,788.7 a troy ounce. September silver futures went up 0.24% to $19.89 an ounce.

The precious metals market showed a negative trend on Monday morning, fueled by expectations of further interest rate hikes by the U.S. Federal Reserve after the release of the country’s labor market data.

Thus, the unemployment rate in July fell to 3.5% from the June level of 3.6%, while the number of the employed in non-farm industries increased by 528,000. Analysts had expected the figure to remain at June’s level. The increase in nonfarm payrolls was forecast at 250,000.

“Support from geopolitical tensions “was countered by the resilience of the U.S. dollar after the release of a credible U.S. jobs report and hawkish comments from Fed officials,” Ravindra Rao, vice president of commodities at Kotak Securities, told Bloomberg news agency.

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Commodities

Goldman Sachs oil price forecast 2022: Oil price forecast worsens in Q3 and Q4

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goldman sachs oil price forecast 2022

Current Goldman Sachs oil price forecast 2022: Analysts (NYSE:GS) believe another drop in Brent prices has been driven by low liquidity and growing multiple concerns, including the recession, China’s “zero tolerance” coronavirus policy and the country’s real estate sector, the release of strategic reserves in the US and Russia’s production recovery.

“We believe the possibility of higher oil prices remains high, even given all these negative factors, as the market is in a state of greater deficit than we have expected in recent months,” experts said.

Nevertheless, they worsened their forecasts for oil prices in the 3rd and 4th quarters of 2022 – to $110 and $125 per barrel, respectively, from $140 and $130 per barrel. The forecast for 2023 remained unchanged at $125/bbl.

The previous week the price of Brent had fallen by almost 9%; WTI had fallen by almost 10%. At the moment, futures are near the minimum marks for six months.

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Commodities

Why is oil rising in price today after a decline last week

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why is oil rising in price

Why is oil rising in price? The price of October futures on London’s ICE Futures Exchange for Brent amounted to $95.22 per barrel, which was $0.3 (0.32%) above the previous session’s closing price. At the end of previous trading these contracts grew by $0.8 (0.85%) up to $94.92 per barrel.

The price of WTI futures for September at electronic trades on the New York Mercantile Exchange (NYMEX) was $89.26 per barrel at that time, which was $0.25 (0.28%) above the final value of the previous session. By market close on Friday, the cost of these contracts grew by $0.47 (0.5%) up to $89.01 per barrel.

The previous week Brent had dropped almost 9% and WTI had fallen almost 10%. Currently, futures are near six-month lows.

The fall in Brent prices was caused by low liquidity and “a growing wave of concerns,” including the recession. China’s “zero tolerance” policy for the coronavirus, the release of strategic reserves in the U.S. and the recovery of production in Russia, experts wrote to Goldman Sachs (NYSE:GS).

They worsened their oil price forecasts for Q3 and Q4 2022 to $110 and $125 a barrel, respectively, from $140 and $130 a barrel. The 2023 forecast remained unchanged at $125 a barrel.

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