After weaker-than-expected U.S. economic data and rising military tensions in the Middle East, gold prices rose to record highs at the end of last week’s trade, hitting a barrier of $2,070 an ounce. Adel Al-Fathli, head of strategic planning at Kuwait Dar Al-Sabah Company, said in a statement to Kuwait News Agency (KUNA) on Sunday that the yellow metal managed to post a profit for the third week in a row. Along with weak US economic data. Al-Fathly said factory activity in the US has seen a continuous contraction for more than two months, along with a slowdown in personal consumption spending and a sub-level decline in the inflation rate in the US market. Gold futures (for delivery next February) rose 1.6 percent to $2,089 an ounce, while the dollar index, which measures the U.S. currency against major currencies, fell 0.35 percent to 103.1 points. Analysts’ pessimistic expectations for growth in US spending and output next year sent investors back to the safe haven (gold), especially as the Federal Reserve (Federal Bank) has aggressive plans to cut interest rates. 25 basis points during the Bank’s regular meeting scheduled for March 2024. He expected gold prices to see a “significant rise” if expectations that the US Federal Reserve cut interest rates by 135 basis points by the end of next year hold true. This will certainly lead to an increase in precious metals in the long run. Al-Fathly said that important reports will be released this week, the first of which is the US labor jobs report, followed by the purchasing managers’ index for services, monetary policy announcements in Australia and Canada, and data on inflation rates in China and South Korea, “all of which are indicators that will determine gold’s trends this week.” .” He said he believed developments in the Middle East region this week would be “stronger” as analysts monitor field developments due to the heavy impact on precious metals prices by military operations and shutdown threats. Some commercial waterways.” As for the local market, the price of a 24-carat gram rose to 20.375 dinars (about $62.2), 22 carat to 18.68 dinars (about $57), silver finished at 297 dinars (about $905), he said. ) per kilogram. ounce. It is worth noting that is one of the units of mass measurement, it is used in various measurement units, it is also called ounce and is equal to 28.349 grams, while the unit of measurement for precious metals is equal to 31.103 grams.
Economy
Nasdaq snaps 4-day losing streak as bond yields fall
Nasdaq snaps 4-day losing streak…and bond yields plummet from 5%
On Monday, the Nasdaq index rose for the first time in 5 days, coinciding with a drop in Treasury yields, far from their highest levels, while investors’ eyes remained on earnings data expected to be announced by U.S. companies. Big tech companies.
By the end of the first day of the week, the Dow Jones industrial average had lost 190 points, representing more than half a percentage point, and the S&P 500 index had lost 0.17%, while the Nasdaq index was alone in the green zone. rise by more than a quarter of a percentage point. In the fixed-income market, the yield on the benchmark 10-year Treasury note rose briefly above the 5% level, before losing more than 15 basis points to register a return of 4.85% in today’s last trade.
Interest rates have risen in recent weeks, and on Thursday the 10-year Treasury yield breached the 5% level for the first time since July 2007. Although Federal Reserve Chairman Jerome Powell said on Thursday that monetary policy may tighten, what Powell said. .. it signaled to the markets that the bank is set to set interest rates at its first meeting next November.
The rapid rise in yields “will highlight the fragile picture of the US economy hiding behind high interest rates,” Tony Dwyer, chief market strategist at Canaccord Genuity, said in a note on Monday.
Stocks ended a tough week with all three indexes in the red as the S&P 500 lost 2.4%, its first weekly loss in three weeks. The Dow Jones fell 1.6%, while the Nasdaq fell 3.2%.
This week, investors await the announcement of the results of operations of companies, including several major technology companies, such as Alphabet, the parent company of the famous search engine “Google” and “Amazon.” “Meta,” and “Microsoft.”
In Europe, stocks fell on Monday, hit by a rise in government bonds and investors’ worries about the conflict between Israeli occupation and Palestinian resistance in the Middle East, while the Italian index gained more in regional markets. .
The STOXX 600 index of European shares finished down 0.1% in today’s trade after falling more than 3% last week.
As EU leaders prepare for a so-called “humanitarian ceasefire” in the war in Gaza, aid may be delivered, as Israel continues to bombard the besieged territory. Washington has warned that US interests in the Middle East are at grave risk as Israeli airstrikes continue.
Pressure on the index rose as yields on the standard 10-year U.S. Treasury rose above 5%, before it fell, but after European markets closed. US GDP and inflation data are scheduled for release later this week.
“European government bond yields are on a multi-year high, in line with what we’re seeing in the U.S.,” said Laura Cooper, chief strategist at BlackRock.
Oil prices fell more than 2% on Monday, easing investor fears as diplomatic efforts in the Middle East intensified to try to contain the conflict between Israeli occupation forces and Palestinian resistance. Supply disruption.
Brent crude futures were down $2.33, or 2.5%, at $89.83 a barrel, while US West Texas Intermediate crude futures were down $2.59, or 2.9%, at $85.49.
The session’s losses were the biggest losses for two benchmarks in a single day since earlier this month.
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Economy
Gold prices broke the barrier of $2070 per ounce at the end of last week’s trade
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Economy
The world’s central banks are increasing their reserves… Details in 10 facts
Books – Islam Saeed
Sunday, December 3, 2023 at 03:00 AM
Central banks around the world continue to demand… Gold In 2023, gold trends for the third quarter of the current year 2023 as per the reports of the World Gold Council show that the demand for gold by banks has increased.
Central banks added 337 tonnes in the third quarter of 2023
The third largest buying level in the quarter reached by central banks
In the third quarter of 2022, banks bought a large amount of 459 tonnes of gold..
Since the beginning of 2023, demand by central banks has increased by more than 14%.
Total bank purchases of gold since the beginning of 2023 have reached a record high of 800 tonnes of gold.
Gold reserves reported by global central banks rose by a net 77 tonnes in September.
Central bank’s gold sale is only 1 ton.
– Fund outflows from gold investment funds continued in October, $2 billion
Since the beginning of the year, the funds’ investments have fallen 6%.
– Total cash outflows from gold-backed global investment funds have hit $13 billion since the start of the year
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Economy
Oil loses 2% as investors worry about OPEC plus cuts
Oil prices settled up more than 2% – yesterday, Friday – after a volatile trading week as the market anxiously watched the latest round of OPEC Plus production cuts and a slowdown in global production activity.
Brent crude futures for February delivery were down 2.45% at $78.88 a barrel, while US West Texas Intermediate crude futures were down 1.9% at $74.07.
For the week, Brent posted a decline of about 2.1%, while the West Texas Intermediate posted a decline of more than 1.9%.
On Thursday, oil-producing countries in the OPEC Plus alliance – which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and other countries including Russia – agreed to cut global oil production by about 2.2 million barrels on the world market. per day in the first quarter of next year, including… extending current voluntary cuts by 1.3 million barrels per day from Saudi Arabia and Russia.
The OPEC Plus alliance – which accounts for more than 40% of the world’s oil – is focused on cutting production, with prices falling from around $98 a barrel in late September, amid fears of weaker economic growth in 2024.
A survey showed that the US manufacturing sector is still weak, with the factory employment rate falling last November.
On Friday, talks to extend a week-long ceasefire between Israel and the Palestinian Islamist movement (Hamas) collapsed, leading to renewed fighting in Gaza that could disrupt global oil supplies, Reuters reported.
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