The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold is nearly intact
On Wednesday, gold was nearly intact because traders closely watched a policy statement by the key US bank, which is expected to shed light on its interest rate plan for the rest of 2019.
On the Comex exchange, gold futures rallied by 0.1% hitting $1,307.65 a troy ounce.
Besides this, spot gold hit $1,307.90 an ounce, soaring by 0.1%.
The key US financial institution is generally anticipated to keep rates on hold. By the way, the Fed's December projection suggested two rate lifts in 2019, but it’s widely anticipated to be trimmed to just one lift.
In addition to this, the key US bank is anticipated to come up with a plan to cease decreasing its $4 trillion balance sheet, also dubbed quantitative tightening. A lot of policymakers have admitted that the key US bank will probably conclude the process and have its bond holdings stabilized by the end of 2019.
Evaluating the greenback’s purchasing value versus its primary rivals the USD index hit 95.86, which is not far from Tuesday's two-and-a-half-week minimum of 95.73.
In addition to this, palladium went up to an all-time maximum for the trading session in a row due to the fact the supply outlook tightened further.
As for spot palladium, it managed to rally by 0.4% reaching $1,594.99 an ounce after a recording a maximum of $1,603.42. By the way, it’s believed that Russia intentionally reduces palladium supply to provoke a bullish scenario. Being a key producer of this vital auto catalyst metal, Russia has put a temporary ban on the export of palladium scrap as well as tailings from May 1 to October 31 2019.
Additionally, silver futures slipped by 0.1% hitting $15.35 a troy ounce. As for platinum, it rallied by 0.4% ending up with $855.95 an ounce.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
On Monday, crypto assets tumbled due to the fact that the Organization for Economic Cooperation and Development drew attention to the necessity of the global regulation of initial coin offerings…
German exporters demonstrate ascending optimism as for their business prospects because growing demand from other euro zone countries helps to compensate worries regarding the strengthening currency, as the Ifo economic institute told on Wednesday…
In October, Japanese machinery orders rebounded with a faster soar than anticipated, thus re-affirming the resilience of capital spending, which is a major driver in the Japanese economy's almost two-year expansion…