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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Oil touches 68 dollars, and gold is falling

    Rocky
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    • Post n°1

    Oil touches 68 dollars, and gold is falling Empty Oil touches 68 dollars, and gold is falling

    Post by Rocky Fri 05 Mar 2021, 7:00 am

    Oil touches 68 dollars, and gold is falling

    •  Time: 3/2021/05 10:50:51
       
    •  Read: 3,042 times

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    {International: Al Furat News} Oil prices continued, today, Friday, to rise after the countries of the "OPEC +" group agreed to keep production unchanged until the end of next April, saying that the recovery in demand from the Coronavirus pandemic is still fragile.
    By 09:10 Moscow time, US crude futures "West Texas Intermediate" rose by 1.07% to $ 64.51 a barrel, and contracts closed yesterday's trading at $ 63.83 a barrel.
    Brent crude futures rose 1.3% to $ 67.61 a barrel, and Brent crude closed at $ 66.74 a barrel, hitting a record level since January 2020.
    The OPEC + group agreed yesterday, Thursday, to keep Production unchanged until the end of next month, in a move aimed at supporting oil markets.
    Gold prices plunged today, to their lowest level in nearly 9 months, and are heading for a decline for the third week in a row.
    The decline in gold prices, accompanied by the rise in the US dollar and bond yields, came after the statements of the Chairman of the Federal Reserve Board (US Central Bank), Jerome Powell, in which he said that the increase in returns does not disturb the system.
    In immediate transactions, gold fell 0.3 percent, to reach $ 1,692.13 an ounce, by five o'clock in the morning GMT, after falling to its lowest level since the eighth of June at $ 1686.40. Since the start of the week, gold has fallen 2.3 percent.
    US gold futures fell 0.6 percent to $ 1,690.40, according to Reuters.
    On Thursday, Powell repeated his pledge to keep credit soft and said that although the increase in returns was "noticeable" he did not believe the Fed will have to intervene to cut it.
    "It was clear that Powell was not inclined to sufficient monetary easing in the markets yesterday, and in a way, he gave the green light to a further increase in US yields by saying he is comfortable with that," said Oanda's chief market analyst, Geoffrey Now.
     "All indicators point to the continuation of the bond boom," he said, adding that it seems inevitable that gold will fall from current levels and record bigger losses to the $ 1600 range.
    And US 10-year yields held above 1.5 percent, while the dollar rose to its highest level in 3 months.
    Higher returns increase the opportunity cost of holding the yellow metal that does not yield a return.
    As for other precious metals, silver fell 0.5 percent to $ 25.17 an ounce, and fell 5 percent for the week, in the worst performance since late November.
    Palladium fell 0.2% to $ 2,334 and platinum fell 0.6% to 1,119.
    Ammar Al-Masoudi
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