Gold prices remained largely unchanged on Thursday, despite the strengthening of the US dollar against a basket of major currencies. Prices fell by 1 % earlier in the day but managed to recover slightly later.
The COMEX gold contract was trading at $4,088.46 per ounce, indicating a flat trend as market expectations for a Federal Reserve rate cut in December diminished. Analysts are focusing on key psychological levels, with support around $4,000 and resistance levels at $4,100 and $4,200.
Silver prices also reflected a stable pattern, with the December contract at $50.985 an ounce, although earlier spikes were negated by a stronger dollar, which limited demand from overseas markets. Experts note that initial support lies at $49.50, while the resistance is set at $52.50.
In contrast, oil prices surged by more than 1 %, driven by a significant drop in US crude inventories last week. The price of West Texas Intermediate crude reached $59.89 per barrel, while Brent crude traded at $64.14 per barrel. This increase was partly attributed to the US’s renewed efforts to mediate the Russia-Ukraine conflict, which could affect the oil supply dynamics.
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Warren Patterson, head of commodities strategy at ING Group , highlighted the implications of increased crude exports leading to the dip in commercial inventories by 3.43 million barrels last week. He remarked that stronger refinery run rates align with expectations given the current market conditions.
Gold prices remained largely unchanged on Thursday, despite the strengthening of the US dollar against a basket of major currencies. Prices fell by 1 % earlier in the day but managed to recover slightly later.
The COMEX gold contract was trading at $4,088.46 per ounce, indicating a flat trend as market expectations for a Federal Reserve rate cut in December diminished. Analysts are focusing on key psychological levels, with support around $4,000 and resistance levels at $4,100 and $4,200.
Silver prices also reflected a stable pattern, with the December contract at $50.985 an ounce, although earlier spikes were negated by a stronger dollar, which limited demand from overseas markets. Experts note that initial support lies at $49.50, while the resistance is set at $52.50.
In contrast, oil prices surged by more than 1 %, driven by a significant drop in US crude inventories last week. The price of West Texas Intermediate crude reached $59.89 per barrel, while Brent crude traded at $64.14 per barrel. This increase was partly attributed to the US’s renewed efforts to mediate the Russia-Ukraine conflict, which could affect the oil supply dynamics.Chcete využít této příležitosti?
Warren Patterson, head of commodities strategy at ING Group , highlighted the implications of increased crude exports leading to the dip in commercial inventories by 3.43 million barrels last week. He remarked that stronger refinery run rates align with expectations given the current market conditions.
