The weak US data has ended the interest rate hike cycle, and gold bulls are unstoppable

Crude oil faces its first weekly increase in five weeks, with focus on the postponed OPEC meeting

On Friday (November 24th), gold prices broke through $2000 per ounce, and there were almost no trading leads during the US market holiday. The focus now is on upcoming business activity data to find more clues about the world's largest economy. Gold has risen for the second consecutive week, and the market is increasingly convinced that the Federal Reserve has completed its interest rate hike. But after strong labor market data and the release of Federal Reserve meeting minutes, doubts were raised about when the Federal Reserve plans to start cutting interest rates, and the trend of gold prices weakened with insufficient momentum.

On Friday (November 24th), oil prices fell, tensions in the Middle East eased, political risk premiums decreased, and oil prices rose for the first time in over a month. Oil traders need to be prepared for the tense OPEC+meeting, which will be held in conjunction with COP28.

Due to the Thanksgiving holiday in the United States, the weak overnight trading of the US dollar index also provided some support for gold.

Gold rose significantly in early November as the market bet that the Federal Reserve would not further raise interest rates. However, given the central bank's continued reaffirmation of its long-term high interest rate outlook, the future growth of gold remains uncertain.