Gold prices have conquered $2010 and hit a six-month high, Oversupply expectations cover the oil market, Oil prices continue to be under pressure before the OPEC+meeting
Gold prices have conquered $2010 and hit a six-month high, Oversupply expectations cover the oil market, Oil prices continue to be under pressure before the OPEC+meeting
Gold prices have conquered $2010 and hit a six-month high,
Oversupply expectations cover the oil market,
Oil prices continue to be under pressure before the OPEC+meeting
The price of gold rose to a high of over six months on Monday, as investors strengthened their bets on the end of the Federal Reserve's interest rate hike as the upward potential of the US dollar was squeezed. Spot gold hit its May 16th high of $2017.92 per ounce earlier in the day. According to CNBC's calculations, gold futures in December reached $2018.9/ounce, the highest level since October 27th.
On Monday (November 27th), investors waited for this week's OPEC+meeting and expected supply to be restricted until 2024, with crude oil prices continuing to be under pressure.
WTI January crude oil futures closed down $0.68 per barrel, a decrease of 0.90%, at $74.86 per barrel. Brent crude oil futures fell $0.60 per barrel to $79.98 per barrel, a decrease of 0.7%.
Christensen stated that the gold market is benefiting from new expectations in the market for an early rate cut by the Federal Reserve. According to the CME FedWatch tool, the market expects a possibility of a 25% interest rate hike as early as March; However, the market believes that there is a greater possibility of a rate cut in May or June. The latest spot gold price was reported at $2012.60 per ounce, up 0.5% on the same day.