Middle East tensions
Gold Repesentative Image by Getty Images
| April 7, 2024, 7:16 a.m.
Gold Hits Record High at $2330 Amid Middle East Tensions and Fed Rate-Cut Hints
Gold closed at a record high of $2330 amidst escalating Middle East tensions, positive US economic data, and hints of potential rate cuts by the Fed Chair. Despite surging yields and steady US Dollar, gold rallied for the third straight week, posting significant gains driven by geopolitical uncertainties. The upcoming US CPI data and FOMC minutes will be crucial for market direction, with resistance at $2360/$2400 and support at $2300/$2250/$2200.
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Crude Oil in Hands
| Feb. 7, 2024, 6:03 a.m.
Crude Oil Futures Rise Amid Steady US Production Expectations
Crude oil futures experienced an upward trend as the United States anticipates stable crude oil production throughout the year. Prices for April Brent oil futures and March crude oil futures on WTI (West Texas Intermediate) saw modest gains, reflecting market sentiments amidst forecasts of consistent output from the US. The Energy Information Administration (EIA) reported record high production levels in December, but disruptions due to inclement weather led to a temporary decline in January. However, production is expected to rebound close to previous highs in the coming months, influencing market dynamics.
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