The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold reaches 2-week maximum as hawkish Fed worries recede
On Thursday, gold approached their highest values for two weeks in midday trade right after a less hawkish than anticipated expected Fed stance and soaring worries over trade duties.
April delivery gold futures rallied 0.49% being worth $1,328.00 a troy ounce.
On Thursday, the number one precious commodity traded higher right after the key US financial institution had interest rates lifted the day before, although stuck to its projection for two more lifts in 2018.
Some market participants had expected the US major financial intuition to project up to three more rate lifts in 2018, therefore the decision to stick with its prediction for two extra lifts was considered to be less hawkish than anticipated.
Hopes for a slower tempo of rate lifts tend to purchase the number one commodity that struggles to compete with so-called yield bearing assets each time interest rates go up.
Prices of the most popular precious metal obtained an extra boost from ramped up safe haven demand in the face of ascending worries over the prospect of a US-led trade conflict.
The US President Donald Trump was supposed to uncover about $60 billion in fresh outrageous duties on Chinese imports. The current presidential administration unexpectedly imposed duties on American steel as well as aluminum imports a bit earlier in March.
Market participants really worry that key American trade partners could try to repel Trump’s outrageous protectionist attack by means of similar moves. Unfortunately, such a tough situation threatens the outlook for the overall global surge.
In addition to this, silver headed south 0.21% coming up with $16.385 a troy ounce. Besides this platinum sank 1.01% getting to $948.10 a troy ounce. As for palladium, this commodity dived 1.32% ending up with $971.75 a troy ounce, copper decreased 2.14% hitting $3.014 a pound.
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.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.