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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


    After the “OPEC Plus” decision, oil continues to rise and the dollar is recovering, so what about go

    Rocky
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    After the “OPEC Plus” decision, oil continues to rise and the dollar is recovering, so what about go Empty After the “OPEC Plus” decision, oil continues to rise and the dollar is recovering, so what about go

    Post by Rocky Tue Apr 04, 2023 5:11 pm

    [size=45]After the “OPEC Plus” decision, oil continues to rise and the dollar is recovering, so what about gold?
    53 minutes ago[/size]

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    Oil prices rose in Asian trading today, Tuesday, after the decision of “OPEC Plus” (OPEC) to cut more production shook global markets yesterday, while investors’ attention turned to the prospects for demand and the impact of high prices on the global economy.
    Brent crude futures rose 0.5% to $85.35 a barrel by 04:00 GMT, and US West Texas Intermediate crude futures rose 0.5% to $81.08 a barrel.
    Both benchmarks jumped more than 6% yesterday, Monday, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, in what is known as the “OPEC Plus” alliance, shook the markets by announcing plans on Sunday to cut production targets by another 1.16 million barrels. Daily.
    The latest pledges raise the total volume of OPEC Plus cuts to 3.66 million barrels per day, including two million barrels in October, according to Reuters calculations, which is equivalent to about 3.7% of global demand.
    OPEC Plus production restrictions prompted most analysts to raise their expectations for Brent crude prices to about $100 a barrel by the end of the year, so Goldman Sachs raised its forecast for Brent to $95 a barrel by the end of this year, and to $100 for 2024.
    However, the oil alliance's decision increased investor concerns about rising costs for businesses and consumers, fueling fears that an inflationary shock to the global economy as a result of higher oil prices could lead to further interest rate hikes.
    Oil industry executives and analysts said on Monday that the OPEC Plus cuts could lead to an increase in demand for US oil in Europe and Asia, and may encourage some other producers to increase production.
    It is estimated that producer restrictions in the Middle East will cause markets to suffer an average shortage of 2.3 million barrels per day in the second half of 2023, according to estimates by Matt Hagerty, senior manager at BTU Analytics, an energy consultancy.

    Gold is falling

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    On the other hand, gold prices fell today, Tuesday, with investors assessing the expected path of monetary policy in the United States, after data showed a decline in manufacturing activity there, and amid inflationary risks raised by production cuts from the OPEC Plus group.
    Gold in spot transactions fell 0.3% to $1978.10 an ounce by 05:49 GMT, while US gold futures fell 0.2% to $1997.30.
    Gold is considered a tool to hedge against inflation, but high interest rates also raise the opportunity cost of owning it, as it does not yield a return.
    Markets expect by 58.7% that the Federal Reserve (the US central bank) will raise interest rates by a quarter of a percentage point next May, but the possibility of a rate cut later in the year also rose.
    Silver lost in spot transactions, recording $23.79 an ounce, while platinum fell to $982.62, and palladium fell 0.4% to $1453.64.
    [/size]
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    The dollar is recovering

    [size]
    The dollar regained some of its gains during the Asian trading session after faltering on Monday, and was driven by data indicating a further slowdown in the US economy.
    The dollar index rose against a basket of currencies by 0.17% to 102.20 points, after declining by more than 0.5% on Monday.
    The Institute for Supply Management survey on Monday showed that manufacturing activity fell to its lowest level in nearly 3 years in March as new orders continued to contract, with all subcomponents of the manufacturing PMI falling below the 50 threshold for the first time since 2009.
    This sent the dollar broadly lower, tracking a decline in US Treasury yields as investors cut back on expectations about how long interest rates would need to remain in a narrow range to tame inflation.
    For other currencies:
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    • The Australian dollar fell to $0.6766.
    • The British pound fell to $1.2410.
    • The New Zealand dollar rose to $0.6310.
    • The euro fell to $1.0891.


    Source: Reuters
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